On this model Daysailer 1 (I have a near one #785, built in 1961), the coamings also serve to keep water out of the boat when heeling sharply. My boat came with the port side coaming partially broken off and smoothed down near the stern. It lowered the height of the coaming about 2.5 inches compared to the starboard side. In a strong wind, and sailing single-handed as I usually do, water will start coming in there first when heeling. I made a patch repair this year out of some 3/8" mahogany (actually a 1/2-inch thick piece that I trimmed in my radial arm saw). I can now heel over further and not worry about taking on water.
I'm making this comment 6 years after the original posting. Although you have probably solved the problem or gotten another boat by now, I hope it may help some other reader.