That hole is a drain hole. It serves to allow condensation to escape. If gasoline is dripping from it, there is an internal problem. Most likely the float valve is not stopping the flow of gasoline, or the float itself is either out of adjustment or has become compromised in some way. Carburetors are NOT simple, but neither are they difficult to work on if you have previous mechanical experience and some basic tools.
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Today's Featured Article - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
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