New Pro Products
I am in now way affiliated with this company, but they are based out of Shelbyville, KY. Their VT-2 ventilation system is so simple minded you would like it will not work, but it does.
I am not familiar with livewells at all, my first boat with a livewell I just purchased less than 2 months ago. My fish were losing their color, severe odor in livewell, way bad foam and terrible heat. And my fish were floating by the end of the day.
I researched the situation and ran up on the above link. I got past the notion of drilling 3" holes in my lids, and went to work.
Today's fish in 96 degree air temps were lively when I got home after a 45 minute drive home. Take a look for yourself. With the recirculation valve going and the vents, you should be able to keep them alive.

