Wooden mast repair

Hello everyone!

I need advice on wooden mast repairs. My mast is a 27 year old, 38 1/2 feet, box construction douglas fur mast. It is stepped on the deck.

Both fore and aft panels are delaminated over 3 feet on the port side, at the same height as the spreaders/ lower shrouds attachment.

It was filled with water when I took it down and probably had been sitting that way for over a year ( I knew that when I bought the boat a month ago).

I stripped it and put it in a shop to dry it out and I found a few spots ( about the size of a playing card) of dry rot. I'm thinking about replacing good sections of those panels but I'm not sure why exactly it delaminated ( weakening glue all over the mast failling first where there is the most tension or a previous bad rigging adjustment?). If it's the glue, wich is probably good to assume given the age of the mast, I read it involves splitting the whole mast and reglueing it...

Is it worth my time money and energy or should I look for a used aluminum replacement?

Thank you!

Mathieu