Hi, I just had my steering box apart on my '67 model 3400 with power steering. I think that vent is actually a vent for the lower part of the steering box that houses the worm, nut, and sectors. This lower part of the steering gear is not supposed to be under pressure at all. The gears down there just sit in an oil bath. Looking at my manual and thinking back to when I had it apart, I believe the only way to get oil coming out of there under pressure would be if the lower steering shaft seal failed, allowing the power steering pump to push it out. The best way to get to it that I know of is to pull the steering gear, which means pulling the fuel tank first. The part is labeled "14" on the new holland parts website exploded drawing of the steering gear. Part number is 86531349. While I had mine apart I replaced the upper seal also, using a speedi sleeve. I had a broken washer, bad needle bearings, and replaced all other seals just for good measure. Of course, I never have known how to leave well enough alone. Hope this helps. :)
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