Paddle Wheel
On your 99 Catalina 28 MK II, it is likely the same unit as is on my 2000 Catalina 320. The Raymarine depth finder and speed paddlewheel are located more or less adjacent to each other if it like mine. The transducer which you can not remove is the depth finder unit. The paddle wheel (not very much like the reference someone else posted) is a separte unit and has nothing to do with the depth finder transducer. You simply un screw it (it has a front and back with an arrow mark on it), remove it, quickly insert the dummy plug. It looks like you are getting lots of water, but if you are relatively quick, not much will get in the boat. Like some of the other posters, I never use mine. Here in the south, marine growth (barnacles) will get on it in a short time...this is what happened to me. I have heard, but not tested, that if you will coat the paddle wheel with vaseline, it will last about half a season to prevent growth and not hurt the paddle wheel performance.