Thanks Matthew and Graham for your replies.
There is already a hole in the top plug, added by the previous owner and I can only guess it was for some form of wind indicator flag/ensign. There is no hole down the lower end, not even an exit hole for water - which seems to be there for some boats.
If a cable can be passed through, I was thinking of drilling a small exit hole somewhere below the pivot pin for the mast base/tabernacle, since I would think this very lowest area would have less structural impact than above the pin, but won't even go there if there's no access point to receive the cable.
Regarding that potential access point, both the upper and lower bungs are completely sealed in - it looks like some sort of epoxy, certainly well bonded. So I think the only means of access might be to drill an inspection hole up through the lower bung and then ultimately to replace this once excavations are completed. I wondered if anyone knew the thickness of this lower bung. I have emailed the builder but everything is in lockdown and, apart from an initial acknowledgement from Lara, I've not had a response.