Assuming your mast is the same as mine (1968 Ericson 30) your mast already has weep holes. They are quite small and also quite possibly clogged with dirt. Mine were, as we found out when the mast was removed. The clogged holes created a water reservoir, about a foot, inside the base of the mast. There was a slight bit of corrosion (mainly the mast trying to fuse itself to the aluminum mast plate) but worse was hydrostatic pressure from the reservoir forcing its way into the balsa sandwich in the cabintop, rotting it.