Hi Dexter
The line between hull and keel outside is pretty normal, actually better than many boats I've seen so no issue there in my opinion. The joint is made from flexible sealant which is then usually coated with antifoul. The antifoul will easily crack along this line. It is more normal to see a bit of brown rust weeping down the outside but this boat seems pretty clean.
The bilge is a real mess and I dread to think what has been spilt in there. I can't make out the nut very well in your photo. Did it crumble completely or was it surface corrosion breaking away? Steel expands about 10 times as it corrodes so a lot of bits flaking off might not amount to a lot of the "meat" of the nut.
Moody keels are held on with mild steel studs, backing plates and nuts. It is extremely unusual for a stud to be corroded beyond the exposed part in the bilge but it is quite common for the nuts and backing plates to be badly corroded on a boat of this age. Solution is to remove one at a time and replace, a relatively simple job when the boat is out of the water. Slightly more complicated in the water but perfectly doable provided one is removed and replaced before starting the next. Obviously you want to get the bilge clean and dry before starting the job and be absolutely certain no moisture gets into the hole while a stud is out. There is loads of information on the job and materials to use on this site so if the purchase goes through you can easily find all the information you need before starting.
In my opinion neither should give much cause for concern if the boat is right for you in other respects
Regards
Peter
