#2 in your picture is the EGR solenoid. GM part number 1997126. Found on all the V8 307 roller lifter engines from 1985-up. (1984 Y and 9, and 1985 442 use p/n 1997665. They look similar. I don't know what, if any difference may be.)
Water ports are at all 4 corners of the intake. Only the front one has water going all the way through it with your thermostat housing (engine outlet) right in the middle front. Likely you have galvanic corrosion between the steel intake gasket and the aluminum intake. Those like to corrode in the corners, causing water leaks. You have to pull the intake off to fix it. Normally, pitting may be mild enough that you can clean up the port areas very well and use some gasket sealant compound to fill in small divots and reseal the intake. I've had good luck doing it. Semi-common problem actually. Make sure you get a gasket for a 1986 and up 307 Olds V8. Or if someone asks if it's roller cam, then yes. 1985 VIN Y engines had roller lifters, but 1985 VIN 9 engines (442) did not. Non-roller versions have bigger intake ports and won't fit right. Kind of confusing. But you have a roller lifter engine with smaller intake ports.
Water ports are at all 4 corners of the intake. Only the front one has water going all the way through it with your thermostat housing (engine outlet) right in the middle front. Likely you have galvanic corrosion between the steel intake gasket and the aluminum intake. Those like to corrode in the corners, causing water leaks. You have to pull the intake off to fix it. Normally, pitting may be mild enough that you can clean up the port areas very well and use some gasket sealant compound to fill in small divots and reseal the intake. I've had good luck doing it. Semi-common problem actually. Make sure you get a gasket for a 1986 and up 307 Olds V8. Or if someone asks if it's roller cam, then yes. 1985 VIN Y engines had roller lifters, but 1985 VIN 9 engines (442) did not. Non-roller versions have bigger intake ports and won't fit right. Kind of confusing. But you have a roller lifter engine with smaller intake ports.