Hi
I think that splicing in a new piece sounds like a good solution, but it would help if you can give more information about the damage. Like size, placement and accessibility to the area.
I’m assuming that your chainplates are bolted to the bulkhead.
There are different ways to do this depending on the size/shape/placement of the damage. One way to solve this could be to do what we call sistering. To do this you cut out the damaged part replacing it with new piece with same shape. On one side opposite to the chainplate you put a larger piece covering all the joints between old and new bulkhead, use marine
epoxy glue to bond it all together.
Ask the shipwright how he will solve your case.
It’s important to get all the damaged wood out.
After repair it also important to get the cause of the leak fixed, you should also check for leaks on the other chainplates.