Hello Manuel,
I had a similar set up when I bought my 325 - I think Bill Parker went with the same NASA log/depth for all builds.
I replaced the log with a combined log/depth/temperature(!?), which meant widening the log cavity and just leaving the depth sounder in place.
From memory the black item is the depth, and the red is the log. The metal bar is to help you get leverage when you unscrew the log - it does unscrew.
Somewhere on board you might find the blank that screws in to close the hole left when you unscrew the log. I've done it afloat, and it's slightly scary but if you're quick it's surprising how little water comes in. Try and hold a towel or cloth over the log so the water doesn't spout everywhere. Otherwise wait until the boat's aground.
Because of fouling on the paddlewheel some folks replace the log with the blank if the boat isn't being used for a while - I never did!
If you can't find the blank on board you might be able to buy one on eBay or even from NASA if they're still making them.
Best Wishes,
John Clack