This is really a great thread. I am glad I stumbled across it. I have this exact same boat, and am in the process of fixing mine up. I've done most of what I'm going to do from the water line up, and have been out fishing in it almost every weekend. The hardest part about doing the bottom is going to be taking a break from fishing!
Here's the progress on mine:
http://imgur.com/a/6EZ3B
You asked a lot of questions about the livewell, and the responses here were spot on. The way I have mine rigged is just like that, with a pump for aeration in one of the holes, and I have a standpipe that I can put in the other. I have my pump rigged to a piece of PVC pipe that runs around the inside lip with holes in it, so it makes kind of a "shower" effect and really aerates the water well. I have a timer on my console to control the on/off cycle, or I can run it manually.
In practice though, I generally don't find the standpipe to be needed. The water level in the livewell reaches high enough that I don't feel the need to increase it with the standpipe very often.
This boat is a really great fishing platform, lots of room, the side gutters are really useful, and I have 3 downriggers hooked up on mine to use when trolling for kokanee. I run an 85 horse motor as my main, with a 5 horse kicker for trolling. These are linked together with a piece of flat strap and quick-release pins, so I can steer the kicker from the console.
