Derek
What to us is a light breeze will be like a roaring gale to a model yacht. Lengthening the keel as you are planning to do is not very efficient in achieving a good righting moment and neither is it particularly efficient hydro-dynamically. I understand why you are wanting to compromise on the draft and I would get the tallest wellies you can, but it is now going to be especially important to get the weight down a low as possible.

Here is a picture of my International One Metre (IOM) and these boats are highly efficient. The weight is concentrated very low and the foil has a high aspect ratio.

Mine is the red one on a medium rig in what would scale to storm conditions.
I would suggest, if you can, make a lead bulb that is attached externally. Easily done by casting in two halves and bolting through the keel. It is easy to estimate the volume (size) required to get the 3.6 kg suggested by Eddie. You could always aim to be slightly on the heavy side with the bulb as you can reduce its weight by shaving off material or drilling holes and filling with a lightweight material. A hollow keel is going to be a bit more difficult to construct and if not completely filled, water has a habit of finding its way in somehow.
Another important factor when limited by draft is to keep the weight of the rig as low as possible. Every gram saved will count.
Tim