Hi Mark, I looked at your profile, but you haven't entered any of the boat's data, so I can't see what the dimensions of the mast are. However, the boat is the best part of 40 years old and sailed, I assume, from England to Vilamoura in Portugal and has presumably done something other than sit there since then. that being so, I think it's fair to say that the mast has something of a track record.
I personally find that alloy masts do tend to bend rather alarmingly, compared with wooden one, but those who have them seem to get used to them. Some Needlespar masts have had issues after many years of use, as you will see if you explore the website, but they appear to be the exception rather than the norm.
My feeling would be that the mast has stood the test of time and to carry on sailing with it. And, at the end of the day, replacing it with something rather more substantial isn't such a big deal - and I believe alloy lamp posts are quite affordable in Europe. To reassure yourself, you might want to have a look at the FAQs on masts or at our mast data base, which you can find here. There is a wealth of information on the website and it's worth taking the time to explore it.