Yep; if the float won't float, fuel will overflow the vent. As Paul says, somebody who is skilled can repair a leaking float, but in my book that's strictly a temporary emergency repair (and BTW it doesn't appear that PO was very skilled; that's a pretty sloppy repair). If the brass is pinholed in one spot, chances are it's rotten enough that you can expect another hole to form in short order. I recommend replacement with OEM parts, which are readily available; price varies pretty wildly, so it pays to shop. Avoid repop floats; they're notorious for giving trouble.