Bait well layout on a 1975 23cc

[take a potter]

Hello All,

I have 1975 23' center console outboard that has had a number of modifications done to it over the years. The one I am trying to reconcile currently is the live well in the floor of the motor well. When I got it the oil reservoir was located in the live well sitting on a metal (yes it rusted to powder) shelf. I have moved the reservoir to another spot and now would like to rehabilitate the live well. Unfortunately this one currently has many holes in it that have been added over the years. Can anyone explain to me how it was initially set up. One part that I know for sure is that there is a transom plug that drains the well, when the boat is out of the water. I have attached a couple of pictures of the overall motor well configuration.

Thanks,
Michael