Having rust fall out of the hole doesn't mean that the rust caused the hole. But, you should be the best judge of the actual condition of the metal.

Many "modern" tubes will have a vent hole somewhere, usually within 1/2" from the end, but it could be literally anywhere with your bike. However, if it was a construction hole, one would expect symmetry.

I like the looks of the old fork, but if you already have a replacement, perhaps that is for the best. Keep it in case you should choose to get it repaired, or even get the fork legs replaced.