The mast appears to be in excellent shape. None the less, it is being checked for appropriate sizing for the loads placed on it at sea. Should all of the scantlings check out, it will be thoroughly surveyed by a professional and with an infra red camera.
Should it pass the survey, all screw holes will be filled with bungs and any repairs will be made. At that time the varnish will be stripped and renewed prior to reinstalling the hardware.