YES, you really need to do something.
Looks like the pick-up for the live well is missing. The pick-up is a bronze fitting mounted to the bottom of the hull that "scoops up" the water for the live well.
Remove the plastic fitting and install a bronze pick-up with a seacock(valve) bedded properly with 5200.
If you don't use it as a live well, fiberglas over the holes.
Good luck!
Lloyd