Keel Bolts

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We are in the process of refurbishing a 38 foot wooden hull with a drop keel. The keel consists of what appears to be a lead casting approx. 5 ft long, 2 feet deep and 14" wide. There is a slot inside this casting through which a steel plate can swivel (pen knife fashion) so as to resist leeway etc. We have been advised to check the condition of the keel bolts. On extracting one which seems to be made of 1" mild steel bar threaded at both ends, we have observed some corrosion at the wet end (as you would expect) and evidence of stretching on the inboard end.
The bolt holes inside the keel casting are slightly larger in diameter than the keel bolts and the void between has been filled with oil. There appears to have been an epoxy resin plug formed around the lower end of each bolt before the oil has been poured in. I should add that the main constuction is 22 years old and has spent none of that time in fresh water. There appear to be 10 bolts in all. After all that, my questions are these : 1 What would be the most suitable material (within reason) from which to make new keel bolts. 2 Has anyone else come across this oil bath method of construction before and should we try to emulate it ? (it seems to have worked quite well) Any advise gratefully appreciated.
 
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