My TS 240 has about a 3 inch space between the top of the bulb and the bottom of the hull when pinned in the fully raised position. I have had it a long time and I don't think centre of gravity is an issue - it seems to be very adequately stable like this and is moored in quite an exposed position. A good part of the weight is still very low down or below the hull.
I have a second pin hole 4" down which allows the keel to be pinned to give about 2' draft overall. Quite useful in the shoal waters around the Medway and Swale though I wouldn't recommend open water sailing like that - the point is I have sailed quite happily with a good amount of sail up and no particular worries so I think it reinforces the stability point.
As for how far you have it raised I would echo Alan's point about having some movement in reserve to release the pin - also I would want to be quite sure there can be no fouling of the two blocks at the top of the keel casing or accidental nipping of the cable. The hydraulic ram could exert a lot of pressure before you became fully aware. I reckon siting the repairs to your "slots" in the keel casing does not require the tube to be too precise a fitting. I found it quite difficult to get things to line up after replacing the top of the keel the first time. It seemed OK out of the water but everything was just a tad different afloat and it was a case for an electric drill with a reamer to get it working. Yes I have done it twice - second time stainless. I found a wizard way of fixing unwanted or oversize holes in the casing. There is a Bondaglass Voss product which is a mix of glass fibres and resin as a reinforced filler in a 400g tin. This wonder gloop has immense strength and bonds really well. I have used the same stuff to make good the cut out saw cut in the casing and then glassed over.
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