jean if there is only one hole at the bottom that is just a drain I believe. The one V I have seen that had a functioning live well there had the second small pipe inlet on the side that puts the water in via the pump and a second hole on the bottom that a small pvc pipe with a strainer press fitted into to drain the tank. You would pull ot that pipe at the end of the day to completly drain the bottom of the tank.
Do you remember lookinging into the bildge, maybe 6-8 inches off center a pipe that came up thru the bottom with a valve on it. I would be bronze with a lever type valve on it.
If you don't have those and want to rig up a live well you will have to either install a thru hull or arrange something else.
Or do what I do on mine
I bought a separate tank, some have made their own, I shopped and got a good one pretty cheap. To be honest it is much larger, stays dry on deck and I take it out when I don't need it.
I do not even have it plumbed to anything. I just use the bucket I have on board all the time and dump in fresh water every once in awhile, depending on how hot etc. It has an overflow outlet on top which I wanted and I just took a section of pool hose and c clamped it on and hang it over the splashwell guard.
Keeps whatever size fish I got alive and kicking all day. It is designed to be be plumbed in but I did not want it.
I have no thru hulls on my boat below the water line and I like that a lot.
That small bucket is also my wash down hose. Works great.
I like simple