I've never seen a hole that shape.
Maybe it's a later model thing,but my 50 just has a circular hole at the lowest point in the truck floor under the seat,like you say I imagine it's for drainage,but why the unusual shape in yours...?
I stuck a grommet in mine.
Personally I would seal it as you also don't want any exhaust fumes etc to enter the cab from the underside.
Let's hope you don't ever need it as a drain!

Last edited by jockbolter50; 11/09/2011 9:15 AM.

1950 Chevy Advance Design 3100 in Scotland
In the Stovebolt Gallery
More pix on Flickr.
I've definately got this truck thing in my blood ... my DNA sequence has torque settings
"Of all the small nations of this earth,perhaps only the ancient Greeks surpass the Scots in their contribution to mankind" Winston Churchill.