Here's what I would do, if this were my (or my client's) tree:
Climb and inspect the entire tree.
Install a cable. This would help prevent breakage at the hollow and the narrow crotch. And if it did break, it should be suspended by the cable, safely above the boat.
I'd opt for a Cobra brand synthetic cabling system, which is basically a strong rope with a shock absorber. It gets installed 2/3's of the way up from the bad spot, to the top of the tree. It runs from the weak side to the strong side.
While I was up there, I would look at the structure of the weak limb and remove small branches that would help lighten the load, but more importantly, those that had the highest exposure to wind loads.
The total removed would be less than 25% of the foliage of the limb. In the back of my mind at every cut, would be the fact that the foliage I'm removing is what makes the food that grows that woundwood Treeseer eluded to. So, I'd minimize the cutting to what seemed absolutely necessary.
Remeber, leaves make food, not roots or fertilizer.
Next, I'd concentrate on the soil environment. The area under the "dripline" would get mulched.
Start by cutting the lawn as low as possible. then cover the area with newspapers. This will help keep weeds down. Next add composted cow manure, which you can buy at most any garden center for a couple bucks a bag. About 15 bags will cover the area.
Finally, add about 2" to 3" of decorative wood chips. Don't go deeper. These will slowly break down and turn into compost, to feed the tree. They will also help keep the soil moist, moderate temperatures, make weeding easy, keep traffic away from the roots, protect the trunk from mowers and weed eaters, and look good.
The tree can also be helped along by watering during dry spells. If you go a week without rain, run a sprinkler on the chipbed for a half hour or so, then don't water again until the soil drys out.
Other than the compost, do not add fertilizers. Unless your fertilizing is based on a soil test, you're most likely hurting the mature tree's chances of recovering from the trunk injury.
Also, do not worry about water, ants, roots or animals getting into the cavity. The tree has built in protections against these kind of things, and studies have only debunked any claims of efficacy.