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Chris, there may be a case here for blanking off one side of the hole. Then force epoxy (fibreglass resin will do the same job) with a syringe into any gaps between fibreglass and ply, if there are any, plug the hole with whatever the transom is made of (ply or glassfibre) and blank the opposite side ensuring the volume between blanks is full. Leave to set, remove the blanks from either side of transom. Flat both sides down and rehole.
In short........rebuild the existing hole and redrill a new one.
That way all the old guff is cleaned out and restrengthened and proofed. Now you can redrill precisely for your new bung. Maybe even reposition.
The other idea is that if it is a wooden transom, then it's simply a case of making a larger neater hole to cut out any opened up timber (that water ingress would have caused), sealing with epoxy, marine lacquer or silicone ( or all) and fitting a new unit. Here you cut to fit your new bung, not find a new bung to fit your new hole!
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