For future reference of anyone reading this thread. ANY leak of the raw water seal is bad, it should leak nothing at all and if it is even a minor leak it can and will eventually lead to bigger problems.
For instance, if you're lucky enough to keep the boat in salt water, it will eat away at the engine mounts...and it will also cause corrosion of the cast aluminum gear case cover it is mounted to. If that's not bad enough, it corrode the oil pan itself. A friend had a pin hole develop just underneath the raw water pump on his Universal M18 (Catalina 27) and you'd be surprised how quickly the pan will drain itself into the bilge from a pin hole.
Bottom line is that weep hole is an indicator of a problem that should be addressed at the first sign of a leak.