That is a fuel hose and primer ball that is included with the oil tank kit.
The electric oil pump is gravity fed by the tank and then pumps oil on to the main oil tank on the motor.
Are you not envisioning the water starting to rise after it leaves the bottom of the boat? The end of the bottom of the boat being a foot or more in front of the motor. The motor height is adjusted to take this into account.
The bottom of the transom in this case is not the bottom of the boat.
I am seeing set back.
The motor is mounted on the transom. The transom is set back from the aft portion of the hull bottom by what looks to be a foot or more.
Most Yams are mounted by boat builders using the number two hole for the top bolts. Second set of holes from the top. Testing is then performed so as to see if the motor can be raised another hole or two. For best performance.
It is correctly known as an anti-ventilation plate.
The motor is typically positioned so that the plate is even with or above the keel of the boat.
The further the setback of the motor the higher the plate needs to be. Ideally when on plane at your chosen cruise speed, with the motor trimmed...
The F70
In what country are you?
Yamaha USA never offered an F70 with a tiller handle. If you are in the US I suspect you have a model F70LA with an optional tiller handle retrofit to the motor. Never heard of an F70TLH model.
You can leave the pump in. Drain the tank but zip tie the float in the top position.
Do you have the original Keihin oil pump or the replacement Mikuni oil pump.