As promised, here is the update on the "hounds" as the mount is called and what needs to be done to repair it. This is a more lengthy post than usual, so please bear with me.
Upon talking with people more knowledgeable than myself, it was settled that the mast would need to be separated to it's original two halves. There was a split forming along the glue line that was held in check by the "hounds" and according the Oliver Shaw from the GP14 Association in the UK, the mast would need to be split to repair it.
With little more effort than steely fingers, equally steely nerves, and some scrap wood to use as a pry, the mast came apart easily after all the hardware was removed. Aside from finding long perished insects and the remains of a nest, the inside of the mast looked as clean and fresh as the day it was first assembled all those years ago.
Even back in the late 50s when the first GPs were hitting the water, the halyards were run internally up the mast. The Sheets for the Main, Jib, and even the Spinnaker were all run up the inside the mast and to their respective sheaves. This lends the mast a sleek profile with little windage, but does pose issues for re-rigging.
First came all the hardware, including the offending thrubolt that held the hounds in place. I was advised to keep the bolt, but to clean it up and do a better job of it. I will also be drilling all the screw holes much oversized and fitting fresh wood to give them a better bite.
Once it was all removed, it was time to split the mast. The old glue gave away easily to expose fresh looking wood and long extinguished insects.