I recently sold my 1975 20SF but I had my livewell working. I put a fitting in the drain port leading to a 3 way selector valve to a recirc/aeration pump plumbed back in to the livewell just under the deck. The fixture putting water back in to the livewell had a nozzle that would either recirc to the livewell or pump out the livewell. The selector valve either allowed water from a thru hull in or recirced or pumped out or just drained when out of the water. In no case was the livewell allowed to drain in to the bilge. I had a 175 hp Johnson 2 stroke outboard at 375 lbs. on my boat and never had any issues with wet feet.
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