remove the tube you have now, then after it drys a little coat with 5200 to seal the wood. Add the plug you mention with plenty of 5200.
or you can get a new tube like you have now. do the same as above but coat the tube with 5200 and slide in, run a bolt thur the tube with a washer on the other end and tighten snug, when dry remove bolt and you are all fixed.
No tapr is going to help you!! and there is now water in the transom already, so stop the leak asap!
good luck
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1986 V20 
Old Fishermen never die, we just SMELL that way!!
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