That nut is actually a grease fitting, I forget what they call those, but that is for greasing the splines on the drive shaft and coupler. You can get by using a regular grease gun and putting directly over hole and pump a few times not to much. not filling the thing. As far as grease is concerned, I recommend a marine lithium grease, but I am not sure what others use. And the sound you here could be the stator bearings which are not serviceable, you have to pull the pump and see if you can turn your impellor by hand, if you can easily then they are fine, if not you need to have new bearings pressed in. That is usually were the sound is coming from.
Hope this helps.
Hope this helps.
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