Not sure this will give you any more light on the subject, but here is my take on it.
My boat is a different set up than yours, but I put a live well in the floor, because I am not a big live bait fisher guy...and my boat is a cruiser...
You are correct the live well will not drain...so what I did (check my build out Post # 213)was have the live well drain into a dry well....then in the dry well I have a bilge pump that drains the well. It works good.
Now I think most guys with your set up...will build a neat live well (or buy) something that is incorporated into the leaning post. Check out the "Here we go again" thread.
I am sure some of the others will chime in.
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