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Tom -

Congratulations, and welcome.

1. The bow locker drain is typically left unplugged to allow any water to drain. Owners who wish to keep the locker dry will purchase a 1" drain plug and insert it from the inside.

https://shop.hamiltonmarine.com/produ...14310.html

Whatever the prior owner installed is not appropriate and should be removed. Remember to seal the holes with something similar to Marine Tex or a Gelcoat patch kit.

http://spectrumcolor.com/ProductDesc....amp;key=it

2. The transom edge are you refer to is called the "green line" and was not gel coated when the boat was fabricated. All early whalers have this.

Some use gel coat patch or color matched sealant to cover the seam, others leave as is.