transom repair info needed

Looking at a 1977 v20 out board with transom problem and wondered if anyone had dealt with similar problem before. The transom cap is metal, which doesn't appear to be an original item, and is cracked, along with the transom, at one corner. I suspect that there's some rot causing this, although not visible. Anyone raise or replace a transom on this type of boat (could raise the transom and use a bracket and use the well for something else). The well limits access on inside so not sure how to do this, other than cutting some of the well out where it meets the transom. Have modified fiberglass boats some, but don't want to get into more of a project than I intended and wonder if anyone has tackled something similar. Thanks.