>What exactly went bad, I think I am having a similar problem.  I have a 73, I
>know that gas doesn't make the best lubricant, and I would like to remedy this

The pump diaphragm gives out and gas coming into the pump leaves partly 
through it into your case. Get a rebuild kit, doesn't take long to do.( 
errr-hmmm? now was the engine in or OUT of the van when I did this years 
ago? "Dr. Alzheimer, please report to your brain") Or get a low pressure 
electric fuel pump and bypass the cam driven pump.   tim  s.