I have a 1994 Bass Tracker with a livewell that only pumps fresh water in
from the lake. I'm thinking I probably need a reciculating feature as well
and it should not be that difficult to install. What I'm also looking at is
a pump-out system that is really just an added on valve. I thought as long
as I'm plumbing for the recirculator I might as well install a pump-out
system as well. Are both of these useful to have?

Right now I have a livewell pump in the back of the boat pulling water from
the transom and pumping it into the top of the livewell. I have a drain hole
at the bottom of the livewell that leads directly below the water line on
the side of the boat. I have a piece of PVC tubing that I need to stick in
the drain hole that prevents water from coming up and filling a few inches
of the livewell. When the water is pumped into the livewell, it reaches the
top of this tube and then drains out. Simple and it should work well but I
think I really should be able to recirculate water as well. No? Not that
important?

I'm looking at the following pump-out valve:
http://www.flow-rite.com/marine/poa.html

Or should I just go with a recirculator installed with what I have now:
http://www.flow-rite.com/marine/system2.html

(I don't think I'd use a system with a remote switch if I could avoid it)