compartment lids

[motorhead0320]

i bought an old 74 ranger and i am just starting to fix it up. I have all the old carpet out but i want to make some changes before i recarpet. All of the compartment lids are raised up. I would like to end up with a flat standing surace when i am done. Is my best bet to use plywood and make all new lids? The compartments all have "lips" on them that the lids go over. If i cut them off and have the wood lying flat on the deck do you think i will get alot of splashing out from the livewells? Also i guess i will need to coat the underside of the lids so they dont rot. What should i use? I bought this boat thinking i could buy a couple new seats and some carpet and would be on the water in no time. Boy, was I wrong. Still i bought the boat, trailer, trolling motor, and 70hp envirude(that needs a tune-up pretty bad) for 550. I still think i got a good deal.