I've had pull up cleats for 2 years in fresh water now and no problems. They are only up when I use them. My friends with pop up cleats which they had the pull ups. The only problem with them is, you can't have a beer can lauching competition like you can with the pop ups.

Well then. I hadn't considered launching stuff with them. That makes all the difference. I'll be getting pop-ups!

JJ,
They make a little thru hull fitting for the drains on the popups, you just run a plastic hose down to the fitting. The ones I have on my Warlock are polished stainless, can't remember if they came from CP or Eddie Marine or Rex Marine. You wouldn't want to just put the cup on the bottom and seal up the drain, they hold quite a bit of water.

Hope this helps,
Caleb

Another idea might be to used a recessed cleat that Stainless Marine makes and paint/powdercoat it to match the hull. They are the same ones Too Old had on his Sonic. You can see them on the Stainless Marine website.