My centerboard cable broke in the same place a couple of years ago. I ordered a stock replacement cable from Todd at Blue Water Yachts. It's important that you make sure that the hole in the centerboard trunk where the line comes out the bottom is faired and smooth. I used a rotary grinding stone with 1/4" shank on an extension shaft, and my cordless drill to reach up in there and fair the edges of this hole.
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Rich Plumb, "Plumb Crazy"
Covington, WA 2000 26X
I think Greg's mod is the definitive fix for this problem, but I'm not quite sure how I'd accomplish his customized drill bit (special Mac tool #0505) ... ... one possibility might be removing the compression post and drilling that one-inch hole down into the trunk? Nice work, Greg!
Our '02's is 5/16" dacron double-braid all the way down to the board with a double-overhand knot on both ends. I found some at a local store that matched the original blue line and bought 40' of it to make a new line and have a spare. The extra 2-3' of line in the cockpit is a little messy, but it lets Barb wrap it around her hands, lay back on the cockpit seat with her feet on the forward end, and use her legs to lift the CB.
YOu can buy an 18 inch drill extender from a hardware store like Ace for about $10 if you are a mere mortal like me and dont have Gregs talent...one end goes into drill chuck and the other takes a shank with a set screw.
I would do it on land to try and prevent sending more tools to Davey Jones tool locker (he already has a complete set from me)