If its from the 90s, it might not have the little flapper which means it will put in quite a bit of water per minute if not plugged. Im guessing something north of 10 GPM if you dont put your hand over it or stuff a rag in it. Could make for an exciting minute or two while you clean the paddle wheel ;-) Seeing as you dont have the plug and it doesn't sound like you have pulled it out lately, you may want to try one of the other suggestions first, or wait until you haul out next time.
I remember when I was a teenager, sailing back from hawaii and my dad swimming under the hull in the middle of the ocean to fix the paddle wheel - it didn't seem stupid at the time, but it sure does now - The only thing I can imagine is that he was too scared to pull the plug and have a hole in the hull. I pull mine in the water a couple times a year, but every time I do I have a bit of anxiety about the plug/transducer going in OK - it always does though.