Grayson
There was some talk when Mariner 3 was changed from Seahawk II that the older Seahawks had a floor valve the same size a a beach ball or air raft, the mariner 4 is a bigger version of the M3( used to be Seahawk) so it follows that the Older M4 might have the same close to useless valve...the newer ones have a larger valve that has the same diameter as the Boston valves , so if you can see the difference you might have some problems if you are using a newer hand pump, and it is a PITA to deflate.
Slayer
I don't have an M4....but one guy in the thread, seeing that he did not need a floor all the way to the very ends of the boat, used just one piece of 4X8....I think you lose 4 inches on each end( check the length yourself..but I think I have read it is 106 inches)...most every one else..and there are many thread references, using two pieces would have to use (2) 4x8 plywood sheets.If you can live without the 4-5 inches at each end( my thought is how many times do you actually stand in those areas???) one sheet would do it.See post number 556 for pics.
The other thought is using the new floor over the old floor..most comments are in the range of not using the double floor..only using the new one. If you decide on this course, when I measured mine( same concept) I measured about 1 inch under the edges of the inflated side tubes , and then took about 3 inches off( 1 1/2 inch from each side) figuring about 1/2 inch for the pipe insulation thickness on each side.(original measurement under tubes was 37 inches for the M4..)
THIS TURNED OUT TO BE TOO SNUG, AND SEEMED TO CAUSE EXCESS PRESSURE ON THE FLOOR / SIDE TUBE JUNCTION... as shown by the sudden discovery of the same amount of water on the floor which you described above. It started small..but got progressively more, the more I used the really tight floor. I ended up taking another 3/4 inch off each side.