what is this part? Leaking oil??

that is a pulse fuel pump, if its leaking oil out of the brass breather you are overfilled with oil or have excessive crankcase pressure due to a bad headgasket
 
Well not really. But with a blown head gasket which is common on these engines there is a good chance running the engine without oil which will destroy the engine if not caught in time.
 
no damage just drain some out. be sure to check if there is gas in the oil causing it to be overfilled. you can smell it on dipstick and with a match the oil on dipstick will light up. if it does you need to change oil and repair carb.
 
Ok One more question, I want to replace the part thats leaking..in the photo above (after I drain oil) Im not finding the exact part number thats stamped on my part 808482 Im finding what looks to be the same but #808656 is it the same part???
 
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