We can't tell exactly what the hole is for from that description but if it were the drain hole you could loosen the screw and it would increase flow and tightening , it would stop.
Otherwise its an overflow and the float valve is not sealing. Usually a hair or some shite stopping it closing. If this is the case bad thing will happen if you prevent this overflow.
These are a piece of wees to take apart, just do it over a clean surface, not where you can drop shit. You could need to take the valve seat out which will be retained by a screw.
Don't you look at my accountant.
He's the only one I've got.
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