I refurbished my centerboard 2 years ago, and have had no problems with the
method I used.  

I ordered a stainless steel pin about a full inch shorter than the width of the
stub keel at the pivot point, in order to leave about a half inch at each end. 
I ground out the last half inch of the hole on each side to create a rough cone
shape, then filled it with thickened epoxy and smoothed it over (after
installing the board, of course!)

No problems since, whatsoever.  It's kind of hard for me to imagine that this
could ever get knocked out be the forces normally applied to it.

Of course, if you are talking about *sealing* the holes, epoxying over the
outside is part of it, but you still have the holes inside the slot.

What I did is, before installing the pin, I drilled out the entire hole about
1/4 inch larger diameter than the pin, coated the inside of the hole with
thickened epoxy, and re-drilled to the exact diameter of the pin.  Then I also
put a thin film of fresh epoxy in the hole as I was installing the pin.

One other tip: I put large, thin nylon washers in on each side of the board -- I
don't know if they help in any way, but my thought was to 1) reduce friction at
that point when lowering/raising the board, and 2) center the board and reduce
side motion/wobble of the board.

So far so good, 2 years and maybe 30 sails later.

If you all are really good, I'll tell you about the valve/flap I fabricated and
installed in the cockpit drain while I had the board out.  It keeps my cockpit
floor almost completely dry even in the nasty chop of Lake Michigan!

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