I am in the process of repairing my transom on my Pen Yan Predotor. Take a look at this stuff. http://www.seawolfindustries.com/seacast.html
Looks like it is easy to use and I was told you can get it at West Marine on your Port Supply account.
Type Ones provide upright flotation for even an unconcious person. They are required for boats taking people for hire and recomended for off shore fishing boats. Most recreational boats have type II.