Just a quick clarification, but if the boat still floats without water flooding your deck through your existing drains, then it currently DOES self bail. Raising the holes won't change a thing as far as hydrostatic pressures are concerned. The drain trench at the transom just fills to the level where it is above waterline, and then the pressures (water levels) equalize by sending any more water, that you might put on the deck, out through the existing drains. If you currently are so waterlogged or otherwise laden that the deck floods through those existing drains when at rest, then you have a much bigger problem that can't be solved by raising the drains and you will probably need to just put plugs in the existing drains until it's time to rebuild.