Nope, all three of my skeg'd boats have a water tight "skeg box" (like a 'landing gear well') the skeg blade retracts into.
You could have a fixed rudder and do the same thing.
On your canoe, jig your skeg fin in place and start applying a couple of toobs of GE Silicone II bathtub caulk. Your new skeg will be 'fixed' and you'll have a nice conversation piece in your boat. Stick a fake cherry on top of the silicone pile for aesthetics.
Here's one of my boats, exactly....skeg drops with a slide knob.http://www.youtube.com/watch?v=yAjpfTwzCxg
(the doofuses that made the video labeled the boat as "roto moulded"..hardly...it's made from two part ABS. Idjits. )