Wish I would have asked first before I did all this work .
Yep!
Yes there is a risk to hit something floating with B265/275 or similar transducers on their high speed fairing, but damage would be limited.
There are boaters who boat in lakes full of drift wood and there it's something to consider, but in the sea i would not and never did.
I lived and worked 14 years November to May in Costa Rica and floating logs are common and in thousands and thousands of hours i hit once one of this logs.
The damage was at the outboard who hit the log with the midsection and lower unit vertical, a log would just get pushed away by a high speed fairing.
But yes, shit can happen, but i would not consider that as reason to remove a fairing block and my B265LH is center keel on full hight fairing block.
I also would not remove and glass the hole, doable but a lot of work to do it right, if the hole is the same of the old transducer, just wider then you may reduce it's size and install again a B265/275 LH or the LHW.
The stem of your B175M should be long enough to add a fairing block/spacer between hull and B175M to get transducer surface in cleaner water.
I did a quick search and could not find one ready to buy, however it should not be difficult to make a spacer, basically a big, conical washer about 1 inch thick.
If it works i can't tell you, but it probably does if there is nothing in front of the transducer what produces turbulence or bubbles.
As SkunkBoat already mentioned, installing a second one would be much less work.
B265LH or B275 LHW would be the option, the model just depends on how you fish as the B275LHW has extra wide high frequency cone for drifting/trolling but that is not very useful for bottom fishing as the cone is so wide that you see fish or structure but don't know exactly where they are. However you could use low freuency for bottom fishing isntead of high wide frequency.
I have the B265LH and can read bottom deep as 1000ft at 29 knots and 5500 ft when stopped/drifting using the Garmin GSD26 blackbox.
My second transducer is a GT51M-TM Side-Scan transducer on the transom and love it, but same problem as you have, it will not read at 12 knots +.
My problem is that i have to install the GT51M-TM between the engines but about 15 inch in front is the B265LH on the fairing block what 99% is the culprit as it creates turbulence to the GT51M-TM. However not reading at speed does not matter to me as i have the B265LH for that and to get best Side-Scan images speed should be below 12 knots.
You may use the GT51M-TH and install it center line or if you have nothing in front same GT51M-TM on the transom just right hand of the drain plug and between the outboards. That would be the least intense installation and once you have height and inclination set correct the GT51M-TM should read up to 25/28 knots if not more.
Chris