I don't know how the SeaVee is put together but I would go for it.
Here are a few thoughts:
Figure out exactly how you will splice it back together BEFORE you cut it and make sure that cut location will have enough room to do it.
Make sure your backing does not extend too deep down and interfere with putting the cap back on.
Make sure your hull does not 'spring' out on the sides after you pull the cap; read Stricks rebuild thread to see what I'm talking about.
Think about everything you might possibly want to do with the cap off (wiring, hoses, access hatches, etc.) and just do them.
Have fun - sounds like a neat project.
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