Caution!!!
The fuel pump used for an IO-540 is different then the fuel pump used for an O-360. The output pressures are way different and will not be compatible. The IO pump has a wave ring washer on the bottom and the O pump has no ring washer on the bottom. They look very similar except for the washer on the IO pump.
All of the Lycoming dual diaphragm pumps have that vent and it should have a over board drain line attached to it. It will still vent with no fitting in that port but that port should not be plugged if the pump is in service.
Good Luck,
Mahlon
?The opinions and information provided in this and all of my posts are hopefully helpful to you. Please use the information provided responsibly and at your own risk."