Capn Jack-
Lots of boats have bow eyes too low for towing. They're set up for a convenient location for the trailer launching / retrieval operation instead.
A Coast Guard friend of mine told me this.
He said that Sea Ray was one of the few boats that had the bow eyes low enough to raise the bow properly for a good tow, particularly in rough water.
It makes using the bow eye as part of a mooring setup difficult, however, as I have to lay down on the dock to reach the bow eye which is only about 20 inches above the waterline on a 26.5 foot boat.
I'd add a second bow eye down lower on your boat.
Be sure to make a suitable hardwood v-block that won't de-laminate under pressure, and glass it in throughly underneath and over the top with several layers of glass cloth.
After drilling the hole(s) for the bolt(s), threat the bore with resin several times to prevent water intrusion and then seal the bolt(s) in with 3M 4200 or similar.
Use fender washers or a stainless plate inside behind the block and double nuts or aircraft nuts on the bolts or thread lock on the nuts.
On a 18 footer or larger boat , I'd use a two bolt bow eye, but you could probably use a single bolt type on a 16.
Also, use a stainless bow eye, not a plated steel one, like those below chosen to show the one/two bolt difference only.
Joe. :teeth :thup