fuel pump leak

just fired up 340 with new qft 750, runs great..... fuel pump is pissing out of a hole? on top of pump! is this a relief valve for when the diaphragm is gone?

Absolutely correct.
You need a new one, as that hole is there so the pump can yell "HELP!, HELP! I'm all messed up!" :D

Better late than never? :D LOL