The mast-stub (What do Coromandel sailors call it?) has to be bombproof, and can be allowed to be a little heavy, being where it is. If it isn't bombproof already, at least it's hollow. Outer surface perfection would be best in a bending situation, but that's inconvenient.
(mehitabel's overbuilt hollow carbon spade rudder stock has a heavy carbon sleeve inside, packed in an epoxy mix, through the portion spanning its bearing at the hull, so that I can believe in it.)
An inner heavy-walled aluminium sleeve, fitting loosely, (because fitting perfectly is not a sure thing, and getting it in there isn't either) with the space around it carefully filled with a uniform rigid-setting pourable substance (epoxy glue mix an obvious one) would, I think, prevent the holes near deck level causing any mischief.
It's an idea. I haven't addressed the rivets that may be in the way... but I may as well mention to cool the tubes, so as not to let the resin heat up in there and make soft foam filler instead of hard epoxy.
Regards, Kurt