How do I fix the transom?

1973 Cobra Ski Boat

The boat has seen better days, like above.  Now it's got a small leak where the outboard mounts to the transom.  I have looked at various ways to fix it.  Here are a few options;
1. View this thread on Sidewinder-boats.com http://www.sidewinder-boats.com/portal/windertalk/showthread.php?t=3273
2. And another; http://www.sidewinder-boats.com/portal/windertalk/showthread.php?t=3749&page=3
3. Another method using rotdoctor.  Images are from a 1970 cobra repair
     http://www.rotdoctor.com/projects/Cobra.html

The rotdoctor repair seems like it might work for my situation plus I like the cheaper cost.

Basically right now my boat is leaking through holes where the outboard is mounted to the transom.

This pic probably shows it better - see the crack in the fiberglass?

Maybe I can reinforce the transom with a plate like this?
http://www.everythingbuttheboat.com/transom-tuff-ner-sup-tm-sup-support-plate-27403