Nice boat you have there. I really like the paint job
HereĀ“s what I did on my 1985 170. My boat did not hace any holes in that compartment, as it was only meant for dry storage. I drilled a hole in the back right corner of the tank and inserted a brass drain with a plug. Then, i used a piece of hose to let it drain thorugh a thru-hull installed on the side of the console. It drains directly on the deck, but this only happens at the end of the day.
I then installed a Rule 360gph livewell pump on the lower right corner of the tank, which sends water to the top of the tank by means of another hose that goes back inside the tank through a thru-hull which has a piece of PVC pipe connected to it. The PVC was drilled with lots of little downward facing holes so water gets oxygenated a little.
This setup provides for a good recirculating well, but depending on your bait, you may need to change water a couple of times during the day. In my case, this gets accomplished by using a 5 gallon bucket. I think this is the best alternative that does not involve drilling holes in your hull or having drain and intake pipes lying on the deck. In this boat it is really hard to install a hose from the transom to the console under the deck.