Hi Phil,
The oil should not be leaking from the slide damper tube and ending up under the carby.
It's probably part of the BL Corrosion Prevention System.
The ColorTune plug is used when adjusting the mixture with the brass gland-nut.
Those are the WaxStat Type of jet.
They have a wax pellet that expands and contracts with temperature changes to slightly
alter the height of the jet and therefore richen or lean the mixture. They do not
always work correctly.
They can be modified by replacing the Wax Pellet with a $2 coin, or something
roughly the same size, but, if they are giving trouble, it's easier to purchase some jets that
do not incorporate the waxstat, similar to the one in this picture. (This is an HS4, and I
think the jets for TR7 HS6 Carbies are Red).