Penetrating epoxy is one of those rare mystical products, sort of like the red lead of old; that has a fierce capability of bonding beyond. It''s service as liason between alien elements is invaluable.By all means use a fairing epoxy over it, and an epoxy paint.Your keel isn''t really the problem. The problem is guaranteeing that there is absolutely no rust and no moisture left within any region near this project!!!!---until you get a couple of coats of penetrating epoxy on it.There may be water involved in the rust converter process, and you must be certain that there is none left. I suggest a heat gun, or blowtorch or something.....don''t just leave it to Mother Nature .We are talking clinical D-R-Y-N-E-S-S-!-!-!Smith & Co. in Richmond Ca. are my preference over West, though they''re about the only mahogany micro-balloons I''ve found so far. Meanwhile layer a bit more strength onto the leading edge of the keel. Layer some glass cloth into that epoxy if you like, for that.......Rev.