Just a thought:
Take some bungee that is slightly oversized for it. Wax it pretty well by taking parafin and rubbing it generously on the bungee. Tie a string to the bungee so you can pull it through the hole. This will require the bungee to be stretched so you will have to get a good connection to a strong string.
Pull the bungee tight while it is through the hole and re-wax, just to make sure.
roll resin wetted fiberglass probably, only need a couple veil (light woven glass) layers, around the bungee while tight and tie some thread around one end so it will not slip.
Pull the pre-stretched bungee through the hole lining up the resin wetted fiberglass from side to side then release the tension on the bungee. the bungee will then push the fiberglass to the walls of the tube and seal it. When cured pull one end of the bungee and it will all come out leaving a hole to run the new bungee for trap.
I am just thinking out loud. If any of this sounds good and you can modify the application to suit you then I have done my job.
Another idea. Make a paste of resin with microballons or cabosil get an aluminum tube from the hardware store that just fits in the existing hole. Solder or plug somhow, one end of the new tube closed. Fill the tubing on the boat with the paste buy using something like a cake icing cone. Then shove the new tube in closed end first through the boat hole and sticking out the other side. When cured cut off the plugged side and rerun the trap bungee.
Later,
Dan