I am still fighting wet weather running on my 'matic. The other day I was laying under it looking for possible water leaks when I noticed a weep hole in the points housing, not the cover. It is located at the 7 o'clock position as you look at the housing straight on. I grabbed out my Clymer manual and found one in a picture as well, just be be shure it was suppose to be there.
Anyway, I assume that if it can let water out, it can let it in so I siliconed it closed to see what happens. I have the points cover sealed already, so I am not too worried about the thing filling up with water.
Anyone else ever do this or find that hole to be a problem?