I have the same rails on my boat. I decided to keep them because fixing the 40-60screw holes and then having some oddly colored stripes down the sides of the boat wasn't an option. I was not going to paint the boat this year, that would have changed my decision I think. I am really interested to see how they run.
I would dig out the old sealant best you can, run some tape on the hull and the wood, and seal them back up with 3M 4000uv.
Those are longer than mine! I thought mine were a little excessive because they go below the old water line.
