The culvert under the RR tracks is not the primary issue. There is a 3-foot diameter water pipe about 15 feet AFTER the culvert that is the limiting factor for most boats. As indicated only on Bizer's chart (shameless plug here), the water pipe is 3.3 feet above "full pool". The Wolfeboro bridge, at 4.2 feet, has almost one foot more clearance.
Today, the lake is about 6 inches below full, so the vertical clearance to Pickerel Cove is 46 +/- inches today.
This photo, taken 07-Sep-03, shows the water pipe blocking most of the view.