3/8" wholes in transom - how would you fix?

[gman1001]

So I removed a pony motor bracket from the boat and whats left are 4 holes above water line. I want to fill them, here is what I'm thinking.

1) take small diameter wood dowel, smear with expoxy put into hole, leave a dimple on the outside and inside of boat. When dry fill with gelcoat on outside, and more expoxy on inside. Sand best I can on outside. (not looking for a perfect job here, just somewhat respectable.

2) Fill each whole with silcone sealant, press SS bolts through holes, snug a nut down on the inside. Call it a day!

What would you guys do?