I use the waterline to skeg measurement as that is how Parks Canada measures the canal depth. They say there "should" be 60" of water available which doesn't leave much room for debris in the water!
Handy, I guarantee you the top of my drives are not in the water. I've cleaned them while in sandy areas and I can physically see the transom assembly. I've stood underneath my swim platform and seen them on many boats. I've also been on my knees in the water behind my boat, with drives up and drives are not touching bottom. So draft at that point is around 30 inches. My 310 was the same way. & yes, Mark is correct, total draft is to the bottom of the drive.
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Dream 'Inn III -- 2008 400 Express