You may have seen this fix on another posting, but I'll repost here just in case. (credit to DJ Bents who first posted this article in the quarterlies in 1986)
http://www.bobhunkins.com/mt-archives/DS2CBTLK_100.pdf
The donut that creates the watertight seal is difficult to asses unless you know what you are looking for. There are typically no wear marks, only a 3/16" to 1/4" void between the two holes. Think of a small donut about 2 inches across with a 3/4" hole. Now think of this donut sandwiched between two sheets of fiberglass with two holes lining up exactly with the hole in the donut. Now think of the donut missing. Everything looks okay, but that void inbetween goes right to the bilge so that is how water gets in.
In the above fix, I replaced the brass nipple with a plastic plumbing nipple, which only cost a dollar, and worked just as well.
The other likely candidates for leaks are the aft bilge drain, and the hull deck joint, although this is less likely.
If you are interested, I have a book on DS II repair and maintenance. It is under the DS II section of this forum.
http://forum.daysailer.org/forum/viewtopic.php?t=1346