I think I've done it!
After interminable troubleshooting and a total lack of time to actually make progress, I finally think my centerboard problem is sorted.
As I had suspected, the root cause of the problem was that, in my rush to finish the boat, I sanded through the epoxy/fiberglass in the neighborhood of the centerboard slot and didn't reseal it. In time, water worked its way into the plywood. After consultation with John Harris, I decided to strip the paint in the area, apply liberal doses of epoxy to seal it, repaint, and replace the centerboard with a 1/2" one covered with two layers of 'glass.
I used the careen-at-the-dock procedure to get access to the board for installation and removal. For the resealing of the slot, I wash able to jack the boat up off the trailer far enough to gain access (no pictures of that). Got her back together, re-rigged, and in the water last night, and raised and lowered the board. Took her out for a brief test cruise, but the wind forgot to show up. Watching the weather intently for the next chance to go sailing.
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HOOORAY!