The sea chest is also where the engine cooling pumps draw their 'raw' water from.
They are typically pretty big pumps.
At the hull surface, the sea chest typically has some sort of grillage to keep out sea monsters and subsurface junk.
At its upper end, the sea chest typically has a removable (often transparent) cover and a gasket. The top plane of the sea chest should be a little above the static waterline, so that one can stop the engines, stop the boat, remove the covers, and observe and hopefully remove whatever has clogged the inlet grillage, like seaweed, fishing line, fishing nets, scraps of canvas, body parts, whatever.
The sea chest itself should be large enough to supply the raw water pumps for at least a few seconds while the hull surface grillage is temporarily obscured by something sliding along the hull surface while being run over, like an inflatable dinghy, or anything else you can imagine. I do not recall seeing a rule about this; it just seems like common sense.
You should, however, double check the requirements, for instance by scanning the various Rules For Classing Ships, downloadable for free from eagle.org. Allow considerable time, and do use automated tools like the multiple file search function in Acrobat Reader; there is an awful lot of text to look at.
As for the calculation itself, it should be as simple as cross sectional area x vertical dimension, roughly.
Mike Halloran
Pembroke Pines, FL, USA