When I did my transom I left the baitwell in place and made a shelf on the front of the tank to mount my two-stroke oil tank. Drilled a 3/4" hole in the lowest part of the baitwell so water will drain into the bilge, however both hatches in the splashwell are sealed water tight so I really do not get any water in the baitwell (it's not hinged anymore). The access to the oil tank fill is through a 4" water tight screw type deck plate.
With a '98 you're lucky, you won't have to fight with the "Potter putty" if you try and remove the baitwell. Potter putty is mostly indestructable for everything up to C-4 explosives.
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