I forgot to put the plug in once in my original '73 V20. Man 3 of us must have been on the water for better than 20 minutes (or longer) before we noticed she was sitting a tad low. Opened the in-deck fish boxes and water was all the way to the top! The entire hull was full of water. I just reached over the tranny and screwed the plug in. It took longer to pump the water out....I can tell you that!
Just a little longer and I think we would have capsized. What's screwy is the '73 had two plugs in the rear. One in the usual place and another underneath. I only forgot one of em.