As ondarvr suggest, do not remove the piece.
hole in bottom of boat!! help!!
I also thought about drilling a hole at the end of the damage, but i figured since it is a crack all the way through there wouldnt be much to stop it from continuing in any direction. Store such a boat on the hard with its mast up, and all the rain entering the mast through the halyard exits gets routed right to the bilge. Your circumstances or experience may be different. A hole in the bottom of a boat is more difficult to counteract than one on the side. Any body have any experience on ow much a repair like this cost or how to do this myself.