Is that your centerboard?

Got the first look at the centerboard tonight.  I decided that it needs to come out so that I can assess the state of the trunk.  Looks like the king post has some rot at the base, so I want so get a better look.  This think looks like it hasn't seen any love in a long time.  I got the nut off the pivot bolt, but wasn't able to get it out.  Ah, must wait for another day.  

I'm about 75% on the seam reefing.  Looks like the seams are pretty wide,  about 1/4" tapered to 1/8" for the seams below the chine, and 1/8" tapered to nearly closed for the chine seam and the topsides.   Any chance these were the same at one time?  Am I dealing with wood that needs to take up a bit before I caulk this thing?