Nick, I'm not sure the differences between 04'/05', but in my 05' I had a ballast that wouldn't drain. I found some fuses up under the steering column, sure enough, just a blown fuse. Also, my "fill" valves are on top of the trans, while the "empty" pumps are near each ballast.
In a pinch, I was able to put a bunch of pressure on the full bag which forced the water through and past the pump, then out the side of the boat. I was able to get it empty enough to drag the bag out of the compartment and on to the swim platform to dump the rest.