Of course, the best solution would be to remove the bulkhead and replace it completely.
However, whatever method you use to fix the problem area... don't forget to seal the plywood with epoxy and then to pot the holes for the chainplate fasteners, much like you would with a cored deck. That way, any leaks at the chainplate will result in a wet interior, but won't cause any future deterioration of the bulkhead.
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You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.
—Cpt. Mal Reynolds, Serenity (edited)
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Still—DON'T READ THAT POST AGAIN.