What you are describing is similar to how our boat is set up, except instead of the bulkhead being removed, there is a (approx) 3" diameter hole from the main chain locker into the cabinet at the foot of the berth. We usually keep 150' of 3/8"chain in the starbord side of the main chain locker, with another 250' of 5/8" line in the cabinet. When paying out the rode, the line pulls out of the cabinet as needed. When weighing anchor the line must be pulled through the hole into the cabinet manually until chain appears, then the chain fills the starbord side of main chain locker. There is a stainless steel "grommet" through the hole to prevent wear on the plywood bulkhead. I think a previous owner probably added the hole, as the stainless grommet looks like a custom part. After use, I usually leave the door to the cabinet open when we leave the boat so that the line can dry.
Crealock 37 #151