The lip is just to keep nuisance deck water from pouring into the bilge (in any great quantity). Water just flows aft, around the lip and out the scupper.
Any water that gets down into the bilge will be removed by the BIG ASS bilge pump I was able to easily install and now monitor with the awesome bilge access.
I cut the live-well out with a grinder and an air saw. Cleaned up the edge and sealed any exposed deck wood (There was a little bit in the back).
Glassed down some pre-fabbed fiberglass angle that I got from Mcmaster Carr. Five foot length costs 10 bucks.
http://www.mcmaster.com/#8542k51
The lip glassed to the deck fits perfectly inside the deck hatch. Only had to modify it a bit here and there with a grinder to take up any height discrepancies for a flush fit.
I now store my anchor and fenders on a little platform I made that attaches to the stringers above any bilge water and the pump.
