Re: 1989 Hunter 40 - A million questions.
My Guess is that Seaduction nailed it that it is probably the diesel fuel return line, but my other Plan B guess is the tank vent. My operating theory on that one is that when the tank is full, and the engine has been running the return line puts warm fuel back in the tank expanding the fuel and the air trapped in the fill above, pressurizing the tank and forcing fuel into the ventline. In that era vent lines were often simply made of non fuel rated hose, and that can develop pin holes over time.
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Curmudgeon at Large- and rhinestone in the rough, sailing my Farr 11.6 on the Chesapeake Bay and part-time purveyor of marine supplies