If you remove the old drain sleeve, and the material between the hull and the fish box liner is solid when you poke around with a screw driver, you can use a brass sleeve bathed in 5200, and your flaring tool. If the area between the panels is in poor (mushy/ loose) condition, I'd use a suitably sized bronze thru hull (same hole size or larger) bathed in 5200. That should, with regular monitoring for leaks, provide a solid reliable seal. It worked on my 18 for 12 years.
Good Luck!
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Bill Potter
18' 1978, Yamaha 130
23' CC 1986, T Suzuki F115s (current full custom project)
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