I'm not sure the bilge pump can keep up with an open hole in the boat, assuming the livewell line came completely loose.

That brings up a good question. What type of maintenance should be done to prevent this type of failure? Boats have a lot of penetrations through the hull now, and the hoses can be difficult to see much less inspect. I've heard of this issue causing several offshore boats to go down as well. It's becoming more common to install a manual valve just inside the hull to help stop the intake of water if something fails.