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I just repaired my bow eye on my 1990 Osprey 200.
Like you, I went to remove mine for painting the bow and found some rot.
I took a drill bit and "wallered out" the black rotted wood from the inside of the hull at the backing wood core. Its thick. I removed all the rotten wood until it was normallly colored and let it dry out for about a week.
Then, I taped over the outside holes and filled from the backside with Marine Tex....I was careful to do it in about three applications so that it would cure nice and hard.
It came out solid as a rock. I also have a backing plate on the inside of the hull and a small plate on the outside of the hull to provide reinforcement.
If the rots not too extensive I would think you could grind it out like I did, fill with Marine Tex, and redrill your holes.
Thank Gawd for Marine Tex !!!!!
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