Re: What's the purpose of this hole?
I can see how the center and lower mains are oiled. Picture the 2 cylinders stacked one on top of the other as they are when the motor is on a boat. The gas/oil mixture will collect at the bottom wall of each cylinder and as the piston comes down, the rings will scrape the mixture into a machined pocket that leads to those mains. Upper to the center main and lower to the bottom main.
Now for the upper main. Seems to get oiled by what ever gets splashed up to it. At one time the was a vacuum operated method of oiling the upper main. And one can only guess as to why half of it still exsists. Looking at the picture, the blue box shows where the vacuum enters the channel through holes in the gasket and reed plate. At one time there would be a hole drilled from the yellow box, the direction of the yellow line, until it reached the bore that holds the upper main needle bearing. That vacuum, plus the pressure in the crankcase, would draw/push the gas/oil mixture from the crank case into the bearing. Both my 1970 and my 1974 power head do not have that drilled hole. There is a similar system for the lower main.
As for what happens to any gas/oil mixture that collects at the bottom of the crankcase the only thing I can think of is it leaks out past the lower main since there is no seal on the outside of that bearing unlike the upper main.
Don Hansen