So here's the update:
After half a day, all water stopped. Our theory (ah, theory) is that the wood backing dried out when it was on the hard, and when we put her back in, the wood swelled up with water and plugged whatever problem there was temporarily. When we picked the boat up last summer, it was already in the water, so if this had been an ongoing thing, we wouldn't have seen it. But as DrB suggests, we're feeling a little leery of the wood/water/seacock combo and planning the fix without wood (considering brass).
Our 20+ year old Raymarine ST3000 autohelm died the same day. At least it wasn't a boring day....
Thanks for the additional info everyone.
“He who loves practice without theory is like the sailor who boards ship without a rudder and compass and never knows where he may cast.” - Leonardo da Vinci
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Noah's Ark: Grampian 2-34. Hull #11.
Great Lakes, ON, Canada.