Rich, not absolutely, no. But I have seen good examples of watertight boxes fabricated from Tupperwear containers and suchlike (read dirt cheap) if you find that your ship is indeed taking on water.
Or, for the sake of a couple quid, pop down to your local electrical supplier (CEF, Wilks, etc) and try one of their plastic enclosures, preferably one with an IP rating suitable for all weather conditions, such as this, perhaps...
http://www.cefonline.co.uk/catalogue/product/11934/43562/plastic_enclosure_150x110x70
Good luck with the build. It's looking pretty damn sleek thus far.
Thanks PMK old chum...our workshop uses those self same boxes for putting electronic 'stuff' in on the back end of a dustcart, so I'll be checking the stores for a supply of those on Monday morning...

U33...from the photographs I see you drink Nescafe 43 Beans coffee.....
...but what brand of margarine do you have on toast?
...Derek
Derek, you jump to the wrong conclusion...the coffee jar contains the genuine USN paint for the Enterprise, but I admit to buying Flora for my toast(other brands are available...)

Rich,
I think you may need a bigger rudder than that, mine is about the same length as the prop diameter. Not sure if its a characteristic with these things or if mine just does it, but it turns much better in one direction than the other, probably due to the prop rotation direction? Ian
Ok Ian, thanks for the timely warning, the blade on this one is only held on with tape at the mo, just so as I could get a picture of what goes where. I think Andyn said the prop he's sending me is a 6"x4", so I'll make up a bigger rudder today.
Thank you gentlemen, very informative replies...
Rich