It was this pic that clinched it for me.

Although the wrong side of the carb the bosses on the side give the positions of the passages away, the one at the top (bottom in situ on bike) is clearly inline with the float valve outlet and the one below has a passage in the casting that aims for the breather outlet in the float bowl and one that aims for the diaphram valve on the side so had to be atmospheric pressure air, I'm assuming the one with the plug in front of the inlet is an unused carb heat passage.
For fuel to come out that hole it had to be a pipe mix up or something else leaking fuel and venting into the same breather.
I have to confess it's the first time I've seen a float valve setup like that as I've never had the carbs off mine yet, I did see them briefly when I had the airbox off for something but not yet had any reason to mess with them.
Thats the joy of old school engineery stuff, you can look at it (or listen) and get a good idea what's wrong without having to plug something in and decypher a fault code.
And as said it was connected years ago so when you look under the tank years later you assume it was right and go blind to it.
I shall duly accept my smug points and go and revel in my acute smuggery with a few beers in the pub this afternoon.
And tonight I shall do it again just in case I made an arse of it the first time.....

Important thing is it's sorted for the right price. 
Edited by Snowbird, 01 July 2022 - 01:56 pm.
Current toys: '99 XT600E, 2000 4TX, '82 Princess 30DS (where the username comes from), No longer a '03 Fazer thou.
Save the planet, it's the only one with beer!