Lifting Ring Mounting

Hello All,

Looking for advice.

The rear lifting ring rod and mounting plates are completely rusted out.
The wood is also completely rotted. Ive got a fab shop making new stainless plates 5 inches square. What i'm contemplating is simply using thick fiberglass mat layers to encapsulate the plate to the transom. Eliminating the Wood. To me this seems more than adequate considering I've got a much larger mounting plate. My thoughts are I won't have to worry about the wood rotting. But on the other hand I guess if the wood is getting wet than the fiberglass isn't holding up either. Here are pics of one using wood.

http://www.flickr.com/photos/11202092@N03/3360167686/in/set-72157612169227615/

http://www.flickr.com/photos/11202092@N03/3366622872/in/set-72157612169227615/

http://www.flickr.com/photos/11202092@N03/3416275461/in/set-72157612169227615/