the heat from the engine will rise to the upper parts of the engine compartment, so probably up into the coaming ares of the cockpit...
you need to suck or blow the hot air out of the boat, NOT into the cabin of the boat, because it may have an engine/bilge smell that may be unpleasent at times.
The asperation of the engine will ventilate it a little while it runs, but will not stay ahead of the heat that is produced in the summer months.
For some of us In the winter, the heat is welcome.
The fresh air should not come out of the cabin either... if one is trying to maintain some heat inside the boat, it does little good to have a draft of many cubic feet of air per minute being displaced thru the space thats trying to be heated.
But The fresh air WILL most likely is already being pulled in thru the many little cracks and holes from the cabin space anyway, so there is no need to cut another hole...
Some may have a bad gasket on the lazerette or cockpit settee hatch that allows air in to the engine, but it should be repaired so it seals out the weather
I live in the northwest, so If i were to ventilate my engine compartment, i think i would take the time to install the ductwork in such a way that the hot air could be blown outside the hull ln the summer, and redirected to blow towards the helm in the winter... maybe a shuttered vent in either the transom or coaming. Or possibly up and our a riser tube at the taffrail with an adjustable weatherhead.