mast hole

I recently bought a 1986 Laser. It's in great shape, except for the mast step. The previous owner says that while it leak slightly, it's structurally sound, and that he has taken it in high winds (20+ knots) without issue. From the pictures, you can see that it is crudely sealed with silicone...

I bought a used Laser from 1979 in a really good condition for 500€ some weeks ago. Currently, I'm getting used to the boat and I installed an XD upgrade kit from Holt Marine as you could hardly pull the old vang even on land, but not while sailing. Now it is very easy and fun to trim the new...