Chris,
you have not answered Lee Perry and Norm Rhines. They posted great information. Do you have the all lead ballast, i.e. is the bilge deep under the companionway? If so, it is most likely that you have the all lead ballast. I have two small fuel tanks (aprox.25 gallons in there and a bilge pump (it was always dry). In any case, if the boat sails to your satisfaction, repaint the boot stripe, because otherwise you are doing great! Underway the bobstay fitting will be under water anyway. Minute trim will only make you neurotic. Have the race committee give you a more reasonable handicap before entering their race. Everything is negotiable.
To protect against corrosion add a zink to the fitting. Exchange the pin that goes through the toggle onto the bobstay fitting with a SS screw and locknut of the same diameter as the was the pin and add one of those bullet shaped sacrificial zinks next to the locknut.
Happy sailing to you,
Mike
P.S. A heavy boat sails like a heavy boat (see my earlier post where I told Bill Crealock about the ballasted submarines in Disneyland). I sailed my first (bow down compensated with a ton of extra lead aft) W32 to the Westsail slips in Newport Beach,Ca.empty except for the interior furniture, anchoring stowed aft and engine. It was noticeably faster. One consideration: Adding weight on both ends is not good either, but for cruising unavoidable.