Hose number 26 goes from the VST to the air vent assembly,
From service manual part number 90-8M0105568 MARCH 2016
MERCURY 25/30 EFI SERVICE MANUAL section 3C, fuel system Service Procedures.
Remove the vent hose from the air vent assembly.
10. Connect the VST vent hose to the air vent assembly. Secure the VST vent hose to the air vent assembly with a spring clamp.... < Found online if needed.
Excess fuel out a vent generally means to much fuel flow is being delivered/pushed out by an item that has failed. So, you'll want to check fuel pressure... If pressure (both low and high?) is good then possibly either a fuel pump diagram is leaking (pin hole leak, bad gasket, etc.), the fuel regulator is compromised, the needle plus fuel float could be stuck or too high of a setting all escaping out the vent.
Was the fuel really old/bad/watered down of any sort when you had it all opened up?
Pull the vent hose line off at the regulator and see if fuel is spraying out form it too.
Hopefully you had and followed the service manual the first time around at replacing all those parts.
Is the entire area under the regulator clean from any rust or debris, etc.? anything under it or in flow of its return 'could cause high pressure.
What is your engine serial number to confirm using the correct parts catalog as this one was a guess to go by,