John, I have an O'Day 23 and had the same problem deciding how to mount a depth gauge sensor. I did not want to do a thru-hole and like you I read a number of postings and was about to try the water in a bag technique when I saw another approach. Not sure where I heard/read this but this is what I did.
Decided on the location of the sensor - I chose a place in the bow just ahead of the keel. There is easy access under the forward berths.
Got some duck caulk from home depot or lowes. See link below
Cleaned the area where I was going to locate the sensor with some alcohol to remove any crud or other dirt.
Molded a handful of this stuff to soften it.
Took the sensor and put this softened lump it onto the end of the sensor.
Pushed this sensor with caulk onto the inside of the hull at the location I had chosen.
Tried to keep the sensor vertical so as to get the best reading.
Pushed down hard enough to push the sensor into the caulk but not so hard as to squish all of it out.
Hard enough to make it stick in position.
Molded the excess to provide support for the sensor. Yes it took a couple of trials to get it the way I wanted but it worked well and kept the sensor securely located on the hull.
Provided a strain relief for the wire on the closest vertical surface so that the wire was not bouncing about. Didn't think of it at the time but could probably have used the same caulk and just embedded it.
I checked the depth at my mooring and at a couple of other places and it was close enough for me. The depth sensor I used had a zero offset so I could get true depth depending on the location.
I chose not to do this since my boat draws 2 1/2 feet with the centre-board up and if I'm sailing in water with less than 2 feet .... well
Having said all that I will acknowledge that I have run aground 2 times ...... all within 200 yards of my mooring and both times on the edge of the channel as I moved to the side to provide room for a passing boat. I learned the hard way that the edge of the channel is the edge of the channel and it moves around a bit after storms etc etc.
How well has it worked .... Well it was done a few years ago - cannot remember when but I did not launch my boat last year so it sat on the trailer all year.
I splashed this year and it works great. My point here is that I have not had to fiddle with it since I put it in ..... But if I wanted to relocate or check something or who knows - maybe paint the inside of the hull ????? I know all I have to do is just pull it off and the caulk will be easy to remove.
Here is a link to the stuff I used.
http://www.homedepot.com/p/Gardner-...s-10-Pack-DS-110/100212441?keyword=duct+putty
Hope this helps. It was easy and very low cost and has worked well.
James