There isn't any wood in the strakes. You do have foam in that area of the hull. My guess is you probably have a few rod holders in your gunwale above that area as well. Probably been collecting in there over time. I agree with the fan idea along with a cover and dehumidifier.
As far as the repair goes I would recommend taking that to a glass guy. It's not difficult to fix but it will be very difficult to do it right and not look like it was once a cataclysmic failure.
I also wouldn't do any grinding on it to see what is going on either. If you go in to the price negotiations with a boat that still floats versus one with a big hole in it, he may think he has the upper hand.
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81 V20 1996 200 Ocean Pro
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