Mild steel in glass-rust?

Mild steel will rust virtually anywhere. My motorsailer has traditional timber strakes bolted onto the GRP hull well above the waterline, unfortunately using galvanised nuts and bolts. The timber is hardwood, maybe mahogany, with a sealant that at this stage has largely broken down. There was a rust stain below almost every bolt, gradually being replaced with stainless ones but it is a very long job as they average out at about every 3 inches.
 
Are there encapsulated iron keels or they always lead? That will give you an answer. The wood is irrelevant as it's well known that wood absorbs moisture.
And some split due to rust getting into the punchings, if not cast iron, which is better than punchings.
You cant beat lead in normal situations. exotic materials are too expensive
 
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