Hello Chad,

I'm thinking it may be time to remove the swing keel and have a look inside the 
centerboard trunk. You will want to do this for piece of mind and perhaps the 
only way to find the actual leak.
Oddly enough on my M23, the leak was a worn hinge pin area that allowed water 
to enter the bilge. I think the M17 is different but the fact remains that you 
can't see much with the keel installed. It will also give you the opportunity 
to replace the pendant, re-surface and paint the swing keel, and examine the 
wear on the hinge and stop pins.
A bit of work but once done, you won't need to second guess the operational 
condition.

Keep us informed.

Later,

Bones


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