I have the exact same boat and fixed this issue with rtv silicon. I originally tried JB water weld which didnt hold. The RTV has been good for 2 years now.
Its a pain keeping it dry I keep a sponge in the boat for keeping this area dry. I also prop it open when stored.
This forum is amazing with quality people.: I did not think i'd ever own an Inboard. Now I finally have a gorgeous 94 205 I am glad I have ya'll backing me up.