I have the 2001 version. That pump is probably the hydraulic pump for steering. Mine seems to leak fluid some as the yellow cap cant be snugged up. As for the motor mine was not burning all the fuel mixture so, had a little black oil on foot after use and sitting for day or so. I recommend running Yamaha Ring free as this help with many possible issues. As you said regular maintenance is a must as these motors get older but I will say they are some of the best Yamaha has made. In my opinion they stopped making them as sales dropped back then.