97' Yamaha 8hp / 8MSHV fuel leak

[Tiemo]

In the throttle body where the fuel pump attaches, seen when looking down on this engine, there is a very small ball (valve), literally just a hole in the body with a stainless steel ball about 1/16" to 1/32" in diameter (above the fuel pump's port that fills the carb's bowl). When I prime the fuel it shoots up in a continuous stream from this ball as it appears the ball is not setting (intermittent). What the hell is this valve for? If it is defunct it seems like I need to replace an otherwise perfectly fine carb. I've disassembled the fuel pump and blown it out with compressed air. Could the issue be a dirty diaphragm or other fuel pump issues. Crazy question: do I stand to blow the engine up if take the ball out and tap / thread a screw in it's place instead? I don't know why one would want fuel spraying into the engine compartment at any point, for any reason. Any feedback that indicates what the this valve is and possible remedies are appreciated.