Is it a Simms pump ? They are made for a small amount of fuel to leak by and excess should drip out of the "pig tail" tube . You should drain and add oil when you change the engine oil . If the pig tail is crimped or plugged up it will fill until it comes out of the vent . Could be the pump is leaking to the point it needs rebuilt .
I copied this from a previuos post , sorry I did not get the posters name .
Simms pumps are supposed to leak diesel into the governor housing, that is why Ford specifies that you change the oil every engine oil change. The oil is there to lubricate the governor mechanism not the pumping elements, those and the cam are lubricated by allowing diesel to leak past the pumping plungers. There should be a short "pigtail" pipe on the cam box to allow the diesel to leak out.
I was trained on the pump operation by Ford and spent time in a diesel shop servicing the pumps.
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