To my knowledge all the wood was encapsulated as built, all of it. If the integrity is breached by a crack, screw, etc, it will introduce water to the wood. If water sits on the encapsulated structure it will eventually absorb moisture and create issues. Fiberglass even absorbs water with age. Most likely it can be repaired with effort and experience. All boats of the era used wood in their structure then. Technology has progressed into complete glass and composite structures now, thus the current warranties. Get an experienced person to inspect your boat to determine the extent of repairs needed, and go from there. Best advice I can offer with limited view from here. BCB can advise further as to who might be best in your area ? Good luck, D.