Sounds like you have two problems to me. The first is a pin hole in the underside of the tank. The quick fix, but really only temporary, would be to find the hole, if only a pin hole, clean up the area, and put a little JB Weld on it. That may seal it for quite awhile. The better solution would be to carefully inspect the inside of the tank for rust (MTs had steel tanks, didn't they?) and cure that problem. Rust in the tank, could be causing your second problem. It sounds like what is leaking is an overflow from the carb float bowl. The float needle isn't seating to shut off the flow of fuel to the carb. Could be caused by bits of rust from the tank. The petcock should be shut off when the bike isn't running, to prevent the fuel overflow you are having. But, that isn't a fix.
I'm only speculating here, but it sounds as though you need to clean out and treat your tank, clean and possibly rebuild the petcock, then rebuild your carb. There are some good threads here on this forum with different ways to do that.
_________________ Steve Amling
1976 CR 250M 1980 Yamaha DT100G 1980 XR 200 1981 CSR650
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