keel rust

[hump180]

Hey everyone, when we bought our boat last fall the wing keel tops had some bad blistering/bubbling which I figured was fiberglass fairing and no big deal. Just today, I decided to stick a screwdriver in on of the cracks and pry some material to see what I was dealing with before spring launch. It turns out that I pried a big piece of oxididized metal, the whole "blister" looking area which is about a square foot of area and is occuring on both sides of the wing keel tops. The oxidized metal  is peeling off in a layer about 3/8 of an inch thick and appears like orange rust. I had the yard glass repair man look and he thought my keel was iron because of the rusty appearance of the material. He said I would have pry it all loose and fill with epoxy. Does this sound accurate? Anyone have any advise? I searched the site and found a couple of hits on peeling lead including Steves 1 year web log where he mentioed a similar problem but may not be my exact problem  http://c34.org/bbs/index.php/topic,663.0.html   Also, it is intersting that there is another similar post about a similar problem from a hull 14 hull#s before my boat,  http://c34.org/bbs/index.php/topic,4150.0.html
Any advise would be appreciated and I will try to post a pic tommorrow. I will also go to west marine and see what may be available as far as epoxy.
Thanks, Bill

[Ted Pounds]

Your keel is definitely lead.  Might be some fairing compound that's peeling off?