
At least with my 1999 CB, I must disagree with the statement about the CB needing to be solid up in the trunk. Mine is hollow and filled with spongy material. The CB (as well as the rudders) are hollow so that they can fill with water and sink.
One big problem I see in Mad's original pics is that the pin seems to be hollow and perhaps has a dissimilar metal cap on each end. Mine is solid stainless and I think it must be solid to work best.
I spoke to the factory two years ago before I started my repair and they told me the spongy material was a filler used during the layup fiberglass process. It can remain or be removed, no issue either way.
Again, the hole can be filled with epoxy and drilled for the SOLID pin, but the "ear" will take some skill to get strong and correctly shaped.
And, for sure, I agree that the pin and the hole can not be "tight" but must flex as the CB must be able to swing from side to side of the trunk to "lock" into place when sailing. Breaking the board may be troublesome but a rigid pin could possibly? break the trunk with bad results? Some other posts here show a solid SS thru-bolted ring setup on the CB with a tight pin. I do not think that is wise. Let it flop around a bit in the pin hole. Some have used a PVC sleeve and I used a rubber hose piece, but a correct diameter hole, with extra space around the pin, in fresh epoxy would work as well.

Above shows some sponge removed from pin hole.