Check
this old thread for an extreme case of water infiltration in the keel.
Personally I found when fairing the keel that by using a mixture of West Systems epoxy lightly thickened (mayonnaise consistency) with microbalons and painted over freshly sanded lead using 60 grit paper, it creates a good bonding surface to apply fairing compound. For that I use West Systems epoxy thickened (like peanut butter) with the microlight fairing filler.