James' recommendation has always been 2x 3/4" plywood on top of a solid frame, and make sure it's perfectly flat and you're fine with just that.
The only other recommendation I've seen him make is 1/4" neoprene. I'm not sure what this elephant bark stuff is, seems like the stuff that you put on the floor of a kid's play room? I suppose that would be OK but I don't know. I think that would place some weird pressure on the "plugs" if you did those.
I would just get a piece of acrylic, same thickness as the bottom, and laminate it over all 5 holes and make sure you have at least 1" of overlap outside those. The thing that will take you the longest is sanding the bottom down smooth after removing the overflow. With that taken into account, WO40 might not be a bad choice after all, as it will fill gaps and account for inconsistencies.