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We are going to fill the livesell with high density foam- and seal it off completely. Should add some nice floatation.
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The livewell isn't a liability if it's set up right. I have a livewell pump controlled by a float switch mounted inside the well in a domestically fabricated (homemade) aluminum housing that prevents livies or sloshing water from interfering with the float switch. The livewell drain is plumbed to a through-hull fitting in the transom and the pump discharges overboard through a fitting on the starboard side above the waterline like a bilge pump.
The sequence of operation goes like this: Water enters the livewell through the drain. When the livewell gets full to within about two inches of the top, the float switch activates and pumps it down an inch or so. Then the cycle repeats. Works like a charm, even when the boat's rocking in heavy seas. As long as the lid's not open, the water stays in the well and below deck level.
I've installed some other plumbing that allows it to recirculate when the boat is on plane. I can go into more detail if anyone's interested. Maybe a post in Repairs/Modifications.
Dave
P.S. I use the livewell as a trash receptacle when I'm not fishing. Keeps the deck clear of the usual trash bucket. I just hate to see you get rid of all that usefull storage space when the livewell's not really the culprit in the sinking.