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Brian,
I also own an '04. Be sure to check thuroughly for the source of your water intrusion. I did the inner hull drain install and have never had more than a few ounces of water come out after a long hard weekend of use on the ocean. I do not yet have trim tabs and I have no trouble getting on plane with a 140hp 4S Suzuki.
The transom well water should be nothing more than a nuisance. The inspection plate modification allows you to empty them and keep the smell down. That weight should not be enough to cause a big problem like you describe.
Let us know what you find when you drill the holes. Some owners have had the water drain for days after drilling. You could go ahead and drill now so the water is gone before you seal it back up with Rule. The Rule holds best when applied to a dry surface.
Good Luck, Codfish
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