mbdoc, have never seen a weep hole like that. Certainly looks like a hose connector to me. A weep hole is, as the name suggests, a small hole (approx. 1/4" diameter) in the bottom of the water pump casing that weeps coolant when the shaft seal is leaking. When the weep hole leaks coolant you know it's time to replace the water pump.

__________________
Fred Hoelzle