Converting Harrier 700 sterndrive to outboard drive

I've just obtained a 23 foot Harrier sport cruiser with two volvo/penta stern drive units but only one engine. There is quite a bit of work needed on it so I've thought about the possibility of removing the sterndrive legs and engine, filling the transom holes (Reglassed and with maybe a steel or wood strengthener) and modifying the transom to take a large outboard. I'd like to know is it a feasible proposition to do this, would I need to mount the outboard very low down to completely clear the bottom of the transom and possibly compromise the strength of the transom? Obviously it must be pretty strongly built at the moment because it supported two 4 cylinder petrol (gasoline) engines and their attached sterndrives. The boat will be used for fishing trips so most of the time will be running under low/no power conditions. To compensate for the loss of weight at the stern I had thought about possibly letting the old engine compartment become a wet deck (or tank for live bait etc) by leaving mesh covered holes in it, having sealed all holes etc into the rest of the hull and also sealing/gelcoating the inside of the engine compartment. Would this be a good or bad idea? I could reduce the size of the engine compartment and create two boyancy tanks on either side , but would be glad of some input about whether it's a good idea, by the way it's my first biggish boat.