I ripped mine out and put a Kodiak above the deck live well. It works great. I never liked the adea of a below the water line live well. I never got a chance to use the original one in my 23 so I cannot reall comment on it. I think a below the water line livewell is unsafe for obvious reasons.
Heres what I did:
This set up keeps the live well away from the transom allowing the weight to be distruibuted forward and keeps the transom clean so you can get to all your bolts for your bracket. I do like the looks of some of the above the deck transom mounted livewells, infact I had one on a previous boat and I will be doing one on my 20sf when I get to that point of the restoration. There is not enough room in a 20sf to do a leaning post live well like the one on my 23sf so I'm going with a small transom livewell.
strick