I have a '77 Formula with a Mercruiser I/O I bought late last year. The boat is in excellent overall condition and has low hours. Unfortunately, I discovered the source of a pesky transom leak: outer transom plate is rusted through next to the port side mounting bolt. Worse, the transom wood is rotted about 2" all around said bolt hole. The remainder of the transom wood appears to be rock solid. The rot/leak seems to have started where the aluminum plate touches the transom wood. <br />Can I fix or replace just the rotted wood around the 1 bolt hole?<br />Thanks,<br />John