Hi Pavel,
Welcome to the MOA, and sorry to hear of your problem.
Your description of the remedial work sounds not too far out, if you establish that it's really necessary but just occupies a volume 8 to 10 times te volume of the steel it comes from so, despite your photos, you may not need to replace the compression post. I would be inclined to chip and wire brush the rust off the foot of the impression post to see how much steel remains. If there is sufficient, the remedy might be as simple as cleaning up and recoating with something like Hammerite.
Whether or not you replace the compression post, it's worth checking that the floor on which it stands and the mast plinth in the deck , which stands on the top of the post are both in satisfactory condition to support the mast compression loads. If the floor needs some remedial work, that will probably require the compression post taking out anyway.
If you are not comfortable making judgements about the amount of steel remaining or the condition ofvthe floor / mast plinth, I would get advice from a surveyor or a shipwright you can trust.
If your standing rigging is 15+ years old, it's due for replacement regardless of the compression post issues, so it sounds like your mast will be coming down anyway. While it's down, it is certainly worth a full overhaul of the main and genoa furlers and a thorough check of all other features of the rig (spreaders, mast head and foot sheaves, genoa halyard defector) and all the mast electrics. I know ti's is more potential expense, but it gets the most out of the cost of taking the mast down.
The other job you should do while the mast is down is to lift the little sealing plates around the chain plates, rake out the sealant resealwith a modern sealant and rebed the plates. The original sealant used for these tends to dry out and crack allowing water to soak into the marine ply bulkheads to which the chainplates are bolted. In extremis, this leads to rotting of the marine ply, so allowing the bolts to tear through the ply and the chainplate to come through the deck dumping the whole rig over the side. Keeping these sealing plates watertight is the key to preventing this. As a separate job, you should arrange access behind the beautiful cabinets in the saloon to check whether previous leaks have degraded the part bulkheads. You can read of Mike Hallgarth's dismasting here:
And the repair here:
The post replacement job can be done without taking the mast down by using a couple of Acrow props, one each side of the post, but it seems to me you will be taking your mast down anyway. Personally, I would replace the compression post with a new one in type 316 stainless steel once it has been removed, regardless of how much steel has been lost
You have already saved a few labour hours in getting access to the foot of the post and could really save more by taking down head lining to give access to the top. A key hassle is removing the table from the post which can put hours on the job, it's not clear what whether you have done that yet.
Lastly you are clear that you own Moody 376 yet in your name window it says you have a Moody 38 (2000s) this based on data you provided when signing up for membership. These are two completely different designs. You can update your membership details here:
www.moodyowners.org
The update will not happen immediately on clicking submit as it requires some input from our membership registrar, but it usually gets done within a few days.
Any further Qs just ask away.
Peter