Do most older cars of that generation have a straight hole like this for venting out the side of the vehicle? I thought a vented gas cap would allow air in to prevent vacuum only. Also, if this hole was for venting.. in case a non-vented cap was used, its presence makes the use of a vented gas cap pointless and has no regulation of venting itself. I think the fact that its so easy for gas to expand and pour out on a hot day with a full tank, or for gas to pour out if you are on a angle seems like a terrible design and one Toyota would have fixed. Its not some annoying thing like defrost vents that have to be removed to fold down the windshield (yes that is a super dumb design since its a pain to remove those vents).
This is a interesting topic and curious to see if there is a solution/conclusion. I have had gas come out of this weep hole on several occasions during hot California summers. Enough times to make me paranoid about filling the tank. I am curious to know if many other early 40 owners have had this issue or if its rare? Maybe just covering the hole and running a vented cap is the final fix and forget?