I'am building one of my own designs and almost done, i've decided to put in a live well for keeping bait/fish, just looking for ideas on how to?

If i simply drill a hole will the water rise to the water line depth inside this "live well" The live well i plan to use will be located in the aft deck right behind the bulkhead i will install another bulkhead at an desirable lenght with a small hatch for access. Floatation will be installed as needed.

Anyone done this? johnnie