Newbie to the forums and y blocks here. I just got done with a 64 Correct Craft boat powered with a flywheel forward, 6 banger, Falcon 170CI engine.. Now,I am on to my next project, a 1962 Correct Craft boat with a 312 inboard. A quick history:

 The PO had the engine rebuilt about 3 years ago. It only has an hour or so of run time, due to side draft carb issues.  He started to install a factory 4bbl auotomotive intake a couple years ago, but lost interest when it came to re-plumbing it. I bought the boat last fall and am now getting around to working on it. 

A couple of hopefully small issues....

 1).... I noticed it had a small, but annoying oil leak somewhere from the pan area. Yesterday, I decided to pull the engine. I cleaned it and let it set overnight. Today I notice a very small leak coming from underneath the bolt heads that fasten the flange of the oil pump tube into the pan. It also seems to weep a bit from around the tube/flange area. Do these bolts need thread sealer? (remember a cast aluminum oil pan)    Is the tube somehow sealed to the flange itself?

2) the other thing I noticed is a rusty water "trail", on the right side of the block, towards the front. There is a small hole that looks like a 3/8" pipe plug in it. The problem is there is a hole in the center of it. I'm guessing its whats left of a block drain.  Question, is that hole in fact tapped?  Any ideas on trying to get it out? I will probably try to heat it and use an easy-out. Other ideas?

Thanks in advance!