Tubs those holes go towards the front of the motor. I could only guess that maybe it helps let the water drain out when the motor is tilted up. I have seen many turned the other way. I makes no difference as far as pumping water goes. You need to get the water out of the pump area before freeze up time. JMHO
I would like to know what the engineers have to say about that cover. The early 50’s had no holes then around 53 they had two holes one on the top and one on the bottom. 56 they have three on the bottom. Maybe some kind of experimenting going on!
This is a great topic, question indeed. I have seen these covers installed both ways. I have seen them installed with the cupped inlets facing rearwards which never made sense. But, now that everyone mentions it, the lower pickup is doing most of the work at higher RPMs in forward. But, in reverse, the water is being pulled away from the lower water inlet, so the reverse cupped intake cover up above seems to make a bit more sense now..