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your block drain hose in the single-point crack your block drain system is plugged with sediment.
dubs has you pointed in the right direction. I personally would remove the single point drain system.
make sure your bilge pump works
get the boat on plane to get the bellows out of the water on your trip back to the ramp.
its going to leak like a sieve.
first, welcome aboard
merc would have a 305 GM motor in 1994 and not a 302 Ford motor Volvo and OMC used 302 ford motors as well as 305 GM motors in 1994. please confirm this is a mercruiser
go thru the troubleshooting guide in the stickies...
I would just screw a 16 gauge stainless sheet metal patch over the hole
However if you want to scarf in a stepped plug and cover with 2 layers of 1708, that is up to you
looks like a XL motor (25") on a short shaft transom (15")
the Anti-Ventilation plate should be even or even 1" above the bottom of the keel, not 12" lower
Gauges are easy
I = Ignition (purple)
GND = Ground (black)
L = Light (dark blue)
S = Signal
tan = water temp
light blue = oil pressure
grey = tach
pink = fuel