Chris, I don't think it's a dumb question at all. As you might have seen in my previous post, I have more or less the centerboard pin setup you describe in my '85 M15. Bob Eeg posted a reply indicating that there should be no problems with this approach. There are only three reasons I can think of for glassing-in the pin: 1) Aesthetics -- but consider that you only see the bolt when the boat is on the trailer anyway 2) Performance -- Whatever drag in the water the exposed parts of the pin may be causing. I would have no idea how to measure this but I suspect that a correct point-of-sail, crew positioning, and other factors are probably much more significant 3) Water intrusion -- This one I ponder. My centerboard pin is painted over with bottom paint. There's a tiny bit of rust showing. I'm not sure if any water got through the hole where the pin is, if the layer between keel housing sides and the centerboard--or the hole through the centerboard, is taking in water or is it epoxy-plugged. My presumably original centerboard has just a little swelling but raises and lowers with no problem so that's a good thing. Comments anyone? Neil Dorf M15 Roseville CA