the nipple is both a drain and an overflow. If it's leaking, it's possible that the float valve is leaking. You'd be wise to address that.
The carb nipple and the fuel pump nipple are both just open-ended hoses. With that said, on these things the carb and fuel pump sit right over the top of the muffler. Thus, if there is ANY fuel leaking, it is a source of fire, and I have seen it happen multiple times. Run the vent/drain hoses from those nipples down along the frame and away from the muffler and exhaust as best you can, and periodically you'll want to raise the hood and wash things out so that clippings don't build up on top of the muffler, as well as you'll want to inspect that area for fuel leaks. Needs to be done pretty frequently.
Other than that, they're pretty good old mowers.