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So I grab an old screwdriver, push it though the hole, raise (or lower) the mast, and remove the screwdriver.
I've done the same!
The original is stainless, and costs ~$3.50 USD from a Hobie dealer. If the pin snaps while stepping the mast, it could easily come down and seriously damage your boat, your car, or result in significant injury/death if it lands on someone. Your mast step is never going to break or shear from stepping the mast, no way no how. The available surface area and cross-sectional area is much greater on the mast base than it is on the pin.
That said, I've just run some quick numbers. When stepping the mast, the pin is under ~40 lbs of force at its worst point (0 degrees and 55 degrees are local maxima, and about the same force).
With a 1/4" pin, that's 815 psi in shear stress. However, due to the gaps between the hinge and the base, there's bending stress as well, on the order of ~12-15 ksi. Yield strength of annealed 6061 aluminum is <8 ksi, while 316L SS is >25 ksi. Ultimate tensile strengths are <18 ksi and >70 ksi. 6061-T4 and T6 are considerably stronger, with T6 being half as strong as SS in UTS and actually stronger than SS in yield strength.
Personally, I'd just buy the SS pin. It's cheap, and plenty of safety margin. My pins usually end up getting a little bent as is, though I think that's mostly because I've forgotten to remove it before tensioning up the rigging on occasion.
On the note of the soft spot repair - I use West Systems 2 part epoxy (105) and slow hardener (206). 4 soft spots down, EPO rudders re-surfaced and deck/hull lip separation repaired in 3 years and still going strong!