If you use 316L welding wire, it is very high in nickle and low in carbon. It is tough to bend, but, will not rust in the salt water. Also, make sure you keep the wire clean. If you lay it on a steel bench, it will pick up carbon from the steel, and when it comes in contact with the salt water, will rust like steel wire.
If the find yourself making alot of these plugs, you might want to look into making a mold with either latex rubber reinforced with fiberglass or plaster, much like they do ceramics. Or use tooling gel coat and make a fiberglass mold. Both will hold up to production better than the bondo. The tooling gel coat giving you the best results. You should be able to pull at least 100 pieces before re-tooling
Feel free to come by the shop, I can show you the products and how to put them together.
Just my .02
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