Gilley - I have the same space challenges, as my 72 Seafari also has the bait well under port seat which I do use occasionally for small bait or shrimp, or as a handy locker for dive gear. However there is a couple of cubic feet of space underneath the splashwell, and it was driving me nuts on the Bahama trips to have all that space there and not be able to get at it. I put a watertight hatch in the splashwell, which not only allowed access to the bilge pump and fuel tank hoses, but also had room to install a Racor fuel filter/separator, Bennett trim tab pump and common ground buss. Also used to carry extra oil there during Bahama trips. Just have to be sure float switch on bilge pump is protected so nothing can jam it. After the repower/bracket install, I cut away most of the splashwell and covered it with a hinged seat, so now that locker holds even more stuff, including the oil tank and spare fenders.
I also installed an o-ring sealed Pyhe plate in port side of baitwell to access a fairly large area between outboard stringer and side of hull. There's enough room there to store a fuel filler funnel, bilge cleaner, etc. I also dug out all the foam between the stringers under port stern seat, which created enough room for a 2nd Group 27 battery/box and stern anchor with chain and 100' of line.
Blue Seas makes good stuff and that isolator switch sounds pretty reasonable. Probably a good deal in the long run if you plan to eventually repower with newer motor. I've replaced a couple of those Guest switches, so a better quality switch would have been cheaper in the long run!
Denny