The weep hole is just there to let you know when the shaft seal in the water pump is starting to show its age - when it starts to leak it will eventually show up at the weep hole. Just an early indicator of seal wear.

Last thing you would want is the seal to leak and cause corrosion to the point that the bearing siezes on the shaft and have the shaft break, sending the fan into the radiator.

EDIT: Infidel must have hit the submit button before I did......

 

This is where my 96 had the weep hole - maybe it is a replacement. It is sitting on wrench to approximate installed angle. Lead is sticking in weep hole.

 

tried to post pic but it didn't work - will figure it out later - go to my gallery to see waterpump pic

 

I got 120,000 out of mine before it crapped out. Unfortunately I had to go to the dealer and paid about $115 for what would have cost me $60 at NAPA.