Hi Jim, thank you very much for trying to solve this issue for me.
I haven't seen anything weird when taking the timing cover and pump apart, in fact it all looked very good.
The hole in the scavenge return tube is an intriguing idea, although I have an oil filter in the return line which should prevent that from happening. My bike is a Slimline Featherbed with a 850 'fast' (PW3, lightened rockers, balanced and lightened crank, flowed head..) engine.
Here is a 3 year old picture on which the oil'tank is quite visible:
When I bought the bike 5-6 years ago, it still had its original Dommie oil tank, and I know from the PO that the bike was very hard to start, ie. wetsumped constantly, which certainly was the case when I bought it.
I then installed a brand new central custom alloy oil tank bought from England, but it didn't halt the wet sumping. Unfortunately it is quite difficult to remove from the bike to be properly tested. But I think I can test it in place quite easily by simply removing the return line from the tank and then filling it up.
About the 'porous' hypothesis, the crank flange onto which the pump is affixed looked clean and polished, without any visible mark on it. I guess we could look at it again very closely althought we have already installed the new pump, but it is not too much work to remove it again.
Finally, the old pump was not stuck, has no 'hard points' while turning it and looking at the gears through the small holes, they appear clear and unmarked. It would be normal, as I replaced them 2 years ago.
So we will keep looking, thank you again to Jim and all the others who are participating to this Sherlockesque thread.