Hello all,

After a 20 year break in ownership, I saw my 1959 Ranchero on Craigslist, and bought it back.  Let's just say after 20 years, it needs some love, and after 20 years, I've all but forgotten this motor, a 292 Y Block.

So, on to my first 2 newbie questions.  

Firstly, there is a threaded hole at the back of the passenger side head on the intake side.  What is supposed to be there?  Bolt to block it off is my guess as it's spewing oil, but as it is open in the attached photo of another motor, I'm not sure.  The hole is where the yellow arrow is in the photo.

Second question...I'm running really rich after installing a new Carter fuel pump.  Should I go straight to fuel pressure regulation or could this be float level?  I'd like to quit smoking up my neighborhood every time I fire up the car!

Thanks for the help!