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r13 said..
In basic terms yes but obviously it needs to be done properly else you will create problems. For a typical fin keel the usual method is to bolt a shoe of ballast onto the lower end of the keel - most easily done by making the shoe out of two mirror image halves split vertically, and bolting them on with lateral bolts. There have been numerous successful examples of this using lead shoes onto cast iron or lead fin keels, probably with epoxy glue strength filler between the shoes and keel and to fair it all in including the counterbore holes for the nuts onto the threaded rod. But this will increase the shear and bending moment at the fin keel to hull joint, which may not have enough original design margin to to accommodate it - so the keel bolts and keel floors would not have suitable margin anymore. In a grounding incident - depending on severity - the shoes might become dislodged. Freeboard would be reduced. Re-insurance would be virtually impossible. Best to buy a yacht with an originally designed and built / maintained ballast ratio and stability.
+1 Buy a yacht with the stability you want. Mods on keels are a recipe for problems. You could add some lead in the bilge, but usually for not a big gain.