I'd have thought it looks fairly typical of a skeg after being peeled or blasted. It's highly unlikely to have plywood, etc, inside it. I don't think the discolouration is anything to worry about. I'd fill and fair, epoxy, and antifoul.
Powertool -aided removal of gelcoat?!What does 'peeled' mean?
Jonathan
I disagree with Tranona that a lot of laminate is showing. Many early glassfibre boats had no gel coat below the water, only on the topsides. Boats moulded by Tylers were normally made this way.