Looks kind of strange above the rail. I think the only reason to do that is so you see it easily when its pumping????
Your '78 doesn't have overboard drains Huh?
My '84 has it just below the rub rail and it works fine. I wouldn't want it any closer to the water line than that. You put it 3 inches above waterline, it only works for 3 inches of sinking...You want it at least above the open motorwell height. And moving is not worth the trouble of patching the hole.
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