Hi,
Sorry no one has answered you yet but I was waiting for someone that actually knew what they were talking about to give you some advice. I just wanted to let you know that you're not being ignored.
Maybe everyone else is in the same boat as me.
I can't believe I don't know this....I should! But while I have had many valve covers off of many 8 hp Honda outboards, I don't recall giving the oil return passageways any thought. You know....open 'er up, adjust the valves, move on. That's my excuse anyway.
I agree with you! That spot looks gnarly! Just like something banged through there.
But looking closely I don't see any signs of anything touching or banging into anything else nearby.
And judging from where the hole is located it seems the logical spot for an oil return to sump. There even appears to be a channel in the casting pointing downward right next to it.
If you've been running the outboard with no I'll effects and you can't detect any air flow going into or coming from the hole when you pull the engine over I'm thinking it's the drain.
I do recall seeing funky aluminum casting flaws that remind me of damage so, maybe, that's what you've got there.
Try draining the oil, leave the plug out and then pour some oil in that hole to see if it comes out the oil pan. If so, I would carefully clean up the edges of that spot that look like they might break off from vibration and put it down to a foundry mistake.
Or...maybe me bumping your post will get someone that knows for sure to answer up.
Good luck.