I am learning that lesson about grady transoms now and dont want to sound negative if you plan on keeping her for many years read on: 4 stroke is a heavy engine, 150hp honda probably about 490 lbs . Last thing you want to be doing is adding more weight for support SS steel or Alum plates. If you have cracks in there, its wet or rotting and stressing from the weight. You will probably not find many owners of pre 90's 204 that do not have this problem. Do yourself a favor, drill a few small holes in the transom (bottom about 1 1/2 in up and the inside center where the motor mounts), or remove a few screws from trim tabs plates or sounder mount if you have em. Check the drilled out wood if wet or mush also see if water runs out of the lower holes u drill or open. You can fill em back in with epoxy or putty. If it is wet or complete mush like mine, Well its your choice what to do. I would replace it. Especially if your runing a heavy engine like a honda 4s. I ran 2 seasons with a soft transom, very stupid and now wished I had taken care of this when I got it. I got caught in some nasty seas and nothing is worse than seeing your transom flexing under the load. Could almost see my life pass before me. Now some will tell you to jump up and down on cavitation plate, bang with hammer ect to test transom strenth. If the boat is on a trailer you will not see any flex standing on the cavitition plate jumping. Best to block it if your gonna apply weight to the cavation plate or put in the water, if the transom is really soft like mine just tilt the engine up a few inches grab it from the top of the cover and pull up and push down with your body weight , u will see and feel that transom move and engine move if it is soft. But post some pics of the cracks if you can. Good luck with her , and welcome to the site.