Paul is correct, replacing the points is the best approach for a pump with burned points. However, there are other considerations that have to be figured into the equation. If the points are badly burned, two seperate conditions may be the cause. First, the pump may have reached the point of needing a complete restoration, complete with a new diaphragm. The other condition that may exist is that the pump was stalled in a current on condition at some time and burned out the internal swamping resistor. If this has happened, the arc suppression circuit is no longer able to keep excessive arcing from occuring at the points and they burned out prematurely. In this case, replacing the points will only result in the new points burning out in a short period of time. I have noted over the years, that this second situation is rather common in the AUF 300/AZX 1300 series pumps used in the MGBs. If you want to try relacing the points, e-mail me and I'll send you a set of instructions for correct reassembly and adjustment of the pump.
The little square, run all the time, make a lot of noise, Facet pump is a good pump that will last about as long as the SU pumps, but its noise will drive you crazy if it is not sound mounted. The newer Facet pumps that are epoxy enclosed are a bit quieter. Ask for the low pressure pump that has an outlet pressure of 2.5 - 4 psi to use on the MGBs.
The vent tube at the bottom of the coil housing is the one that neds to be run into the trunk or other high area under the car, to avoid getting water sucked into the pumps interior when driving in rain or other wet road situations. The vent on the end cover has a check valve in it and doesn't pull outside air into that area. Additionally in hte 79 MGB, the end cover prodrudes into the trunk area where there is relatively dry air.
If you are not comfortable tearing into the pump yourself and wan to have it restored, see my article of fuel delivery troubleshooting for a list of people who do work on SU fuel pumps at:
https://www.svmgcc.org/tech_tips/fuel_delivery.htm
Cheers,