Unsafe forestay?

I would open a circular aperture to gain access to the underside of the fitting.A steel backplate (as wide as it will fit) should be bedded in epoxy puty.It's always a good idea to allow for ventilation to avoid the area to be damp and low in oxygen ,a sure fire recipe for crevice corrosion.As long as the opening isn't too large the structure won't be weakened.
 
Get one of those round fittings used on dinghies,with a screw on cap, and when unscrewed the hole is large enough to get your hand through.

The cut a round hole to match the fitting.
+1

Personally, I wouldn't be happy with a lose bolt..... the consequences of it not being OK are just too high, for the sake of 2 or 3 hours work installing a hatch and getting it sorted.
 
Get one of those round fittings used on dinghies,with a screw on cap, and when unscrewed the hole is large enough to get your hand through.

The cut a round hole to match the fitting.

Yes, that's what mine has. I also had to fit another one at the stern to get access to my loose rudder mounting bolts.
It is quite an easy job. I cut the hole using junior hacksaw blades with cloth wrapped around to hold them with.
(Blades because I broke a few!) I had no power for a jigsaw.
 
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