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When I started epoxy sealing I was told that the epoxy firms up the wood enough to eliminate the need for the belly grommets, and this seems to be true, none of the plugs I made without them seem to have suffered any noticeable damage or water intrusion. Another benefit is less galvanic corrosion caused by the dissimilar metals in close proximity to each other, hooks/swivel/grommet. If I can find one of those plugs that's not hooked to another hundred plugs I'll try to get a picture.
With all that said, I still like belly grommets, I think they finish the hook holes nicely.
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