Did it last summer!
I replaced both speed and depth TD's last spring. They had been in since 1988. I had to chip away the round, plywood backer-boarding/spacer (tedious, but not too difficult) and had to use things such as a screwdriver or chisel w/hammer. This gave me a half inch to play with. Since I couldn't remove the large nuts, I was able to push the mushroom head of the TD out about 1/2". Then, from the outside of the boat, I took a SAWS-ALL and lopped off the mushroom heads parallel to the hull. They were bronze TD's and required a metal-cutting blade to do the cutting. It did no significant damage to the hull.I thought about leaving them (the TD's) in place, but this was quickly dispelled when I was told that at resell time, a surveyor would definitely put his finding in his report and would indicate a sloppy owner. So I removed them.Keep in mind that you can use the same holes unless the TD's are a different diameter. That was my problem. If the holes are larger than the new TD's, then you will have to glass the holes and redrill new holes - an expense I didn't figure on.Also. The new wires have a large head on them that attaches to the back of the gauge. This eliminates a transformer. If you try to use the same wire runs, the new connectors may not fit through the holes that are already drilled (or occupied by other wires). Be sure to do your homework.