The actual waterline is really quite low. The green line in the drawing shows where the gelcoat of the hull changes from Blue for the Topside, to White for the under water area. The first 2" is painted white for the boot-top, and remaining underwater area in blue anti-fowl. I will take a picture showing where I have stripped the anti-fowl and boot top to see what was underneath.
The boot top at the bow is approximately 4-6" above the actual waterline, and about 1-2" at the transom.
A previous owner contacted me through my website to say he thought she was underweight by the way she was performing, and during the complete rebuild I have found bags of sand and stone in the bilges.
The keel is encapsulated. I got my head down into the bilges to see if I could see the top of the keel to see what it contains but it is well sealed. The only way I can think of getting in there is major surgery through the side of the keel or through the cabin floor.
I measured in the barn this afternoon... The waterline is 5" lower than it should be half way along the hull... oh dear.