Good suggestions on doing it right above. If you want to do it semi half ass and cheap, here's what I did.

Get carbon shaft golf club from thrift store. Cut chunks to exact depth of surfboard from deck to bottom.
Drill hole in board the width of the shaft. Insert shaft and fill on outside with epoxy to have it fit solid in the board and watertight. [pro tip: before it dries, place mast plate on top, put bolts through, so that it forms up exactly right]
If you want to ensure whole thing is watertight, could put in layer of glass over top, then drill through for the holes.
The carbon shaft should provide compression strength....so the bolts don't crush the board when you tighten them.
I finished it off with two plastic plates....cut up pieces of cutting board. I figure this helps spread load of the mast plate, and also gave something to drill into to countersink the bolt tops.
A couple extra notes: a problem with golf club is that it's tapered...so only right diameter for part of it (means need more than one club possibly) and also that it isn't straight in the hole, wider at top or bottom. If you find another straight piece of carbon, all the better....maybe a tent pole?
Now, if you want to do it right.....supposedly the best way is to find G10 rods, drill them in, glass over. Then drill your bolt holes in the G10. Basically the same as the paddle bits filled with epoxy, recommended above.