Hello MyOutDoors
Looks like you are having tons of fun there.
I can offer my experience in the pitting of your bilge area. My SS had the same pitting as yours. Being the floor was removed prior to you getting the boat I can guarantee the previous owner removed about 1/2? to 1 inch of sand/mud built up from nearly 40yrs of boating. Thats what I found in mine that resulted in pits from yrs of not being cleaned. When doing a leak test I found one very small pit had a very slow leak.
I was on a very tight budget and after doing some research I went with a product called Gluvit. Its a water proof 2 part resin epoxy used in the marine industry to fill minor cracks and pinholes. It flows like water and will flow into every microscopic poor it finds and grabs hold.
I cleaned out the best I could my bilge area using a SS wire wheel brush on a dremel tool. Avoid using a carbon wire brush its said it will leave carbon deposits in the aluminium causing more corrosion down the road. Cleaned the area with alcohol and let it dry till I was 100% sure no water or alcohol was down in the pits. Brushed on a thin layer of Gluvit and let dry for 24hrs, then came back with a second coat. I don't know what they put in that stuff, but it will take a chisel and hammer to chip it off. No leaks in 3 yrs now of heavy use. I also clean out that area with a wet/dry vac and a hose after each season.
The pitting on many of these old boats can be so bad the aluminium is weakened and a patch is a must for safety, as you've seen by classiccat.
Stay motivated. These are great boats!