Yes, when pumping you should see the end of the pump cup go pass the air hole when arm is fully extended. Upon doing this you should hear a “psst” sound as it’s taking a gulp of air. Also, that is not an oiling hole. If your putting excessive oil into that hole it’s flooding the valve. The valve is meant to get oil through it via pumping and shooting. It’s not meant to take a bunch of oil. That much oil sitting in there is not going to be shot outta the valve. The more oil you have in your valve the less air.
Please disregard the last post. My bad. I was incorrect. The piston is traveling past the intake port when the lever is fully extended. I am no longer confused. Thanks for your knowledgeable input.