Yep.

This is most likely a ford pump with the housing pressed together and the single diaphram, so it is low pressure 3-6 P.S.I.G. range. The #4 would be the inlet valve and the #5 is the discharge valve. The disk looking thing just below your red arrow is the wiper seal to keep the oil out. This pump would be a throw away unit as it is a crimped together housing. Your pump should have two diaphrams or two stages so it can get to a higher pressure output. If your diaphrams are installed correctly on both chambers and have no breaches in them, and the pump does not make full pressure and flow. then the valves is what you look at to see if one or more is not seating or jammed or has a broken spring or has a peace of trash under it. The valves are pressed into the housing or have a retaining screw to hold them in. I hope this helps, as you can bench test a lever arm engine driven pump. That takes a gage or two, some buckets, hoses and is a fire hazard if you use fuel, so I don't think it's a good idea if your not set-up to do it. Yours as always R.E.A. III # 80888
 
The diagram I used is not the pump I have. I have the real deal Lycoming pump. I was only using it to demonstrate the chamber I found oil in. The valves are installed in such a way as I cannot remove them, but the looked to be in perfect condition.
 
The first thing you need to do is pull the throttle to idle. Then move the throttle 1/4" FWD. 3rd, make sure the throttle body arm is up against the idle stop. 4th, torque the castle nut making sure the serrations are engaged fully. 5th, move the throttle to full and make sure the throttle body stop is hit before the throttle hits the FWD part of the gate (if a quadrant) or the panel (if a push pull). 6th, install a cotter pin the castle nut.
 
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