I would not use a cleat. I installed a tow eye with a sheet of marine plywood as a backer board and it works great, much better than the tye down eyes on the transom. The transom eyes left the tow rope too low and drug in the water. Now for your cleat. I ahve seen 40' boat with cleat torn out, the last thing you want is a stainless cleat flying back at your children when it pulls out of the glass. A couple of hours labor and $50 in parts and you can do it right with a ski two ring. The worst was my wife had to climb back in the engine compartment and hold up the marine plywood backer board while the marine glue cured. Not a happy camper especially when I closed the hatch on her and it was 100 degrees, my bad!!!