Hi Derek
That's got me thinking, according to Robert's book anatomy of the ship HMS Dreadnought the black boot topping for the upper waterline finishes at the bases of the torpedo net booms, so the tide line you've pointed out is a bit of an enigma as you've rightly pointed out its too high. It's a very clear line so it's got me thinking, I think the picture might be Dreadnought on sea trials and one of the pre trial tests is the list/roll test in a flooded dry dock. That's my only theory at the moment, I'm open to others giving their theories- it's a very interesting point Derek has raised.
I intend to ballast the model between the two water lines to prevent a lack of stability if too lightly loaded and not prone to decks being awash if ballasted to the maximum. It's the safer option in my opinion and ensures that I can lift the model too!
As to the marking locations printed on the plastic, all the kits I've built from Deans Marine have had them and they give approximate locations of the fittings, not always 100% accurate in mm but good enough for a guide.
More pictures to come tomorrow, enjoy the build.