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One very simple water level is take a length of clear tubing and put water in it. Hold one end at whatever height you want and raise the other end above that height. Now slowly lower the high end and when water starts to flow out you are at or below the original height.
I have seen this used with lengths of 100+ feet of tubing.

My motors are now both 3 holes up and I am very happy I finally did it.

1964 16' with 70hp yam 2-stroke
1966 16' with 90 hp yam 2-stroke

I am amazed how fast the 90 is compared to the 70.