1200 and 1500 FD assemblies are virtually the same at the pinion bearing end.
The 1200 FD pinion joint has two holes in it from the factory - see attachment. This pinion joint is attached to the FD pinion shaft. There is an oil seal P/N 34 that keeps the FD oil in the FD because the pinion bearing is lubricated by FD oil, and the pinion joint fits onto the pinion shaft and past the prop shaft oil seal - see attachment - P/N 34. Had the FD apart to replace the pinion bearing.
My bike had never had the prop shaft out in 115K Kms, or the person that did the maintenance did not remove the retaining spring as detailed in the OEM service manual - see attachment - oil seal P/N 29. Not knowing which occurred, the splines are in very good shape after 115K KMs. If the prop shaft was never taken out, there had to be lubrication from somewhere, in this case it was wet with FD oil. When I removed the prop shaft from the FD and checked the pinion shaft for "play", I could move the pinion shaft about 1/32" - new pinion bearing required, and the reason for taking the FD apart. Replaced the oil seal P/N 34 as well. Even with excessive play in the pinion bearing the oil seal (P/N 34) did not fail and allow FD oil to flow past the pinion joint sealing face.
I have attached a picture of the new pinion bearing installed in the FD. The attachment showing the pinion retainer and FD oil seal show the final installation before the pinon joint is attached. I do not have a picture of how the pinion joint mates with the pinion shaft and against the pinion bearing, but since there are holes in the pinion joint, and the pinion joint does not have a sealing fit against the pinion bearing, no reason why FD oil cannot get into the pinion joint cavity providing lubrication to the splines.
When I reinstalled the FD after this maintenance, I used Moly paste on the prop shaft splines that fit into the FD. Next time I removed the FD, always drain the FD to keep from making a mess, the FD oil was gray and had mixed with the moly paste. I have since changed the FD oil several times, do not put any Moly paste or grease on the prop shaft splines that fit into the FD, and every time I remove the FD for maintenance and remove the prop shaft from the FD, it is coated with FD oil. The holes in the pinion joint allow FD oil into the prop shaft cavity. If the vent on the FD is working correctly, there will be no pressure in the pinion joint cavity, ergo the prop shaft oil seal, and it is called an oil seal by Honda, will not move.
If the FD vent is plugged and/or not working properly, it is possible that FD oil could be forced out past the prop shaft oil seal - how far it would travel is an unknown. Moly paste could be as well if used but because of the consistency of moly paste, highly unlikely it would travel too far up the swing arm tube, and leak out like an oil per say. The FD oil could also be forced out past the pinion bearing oil seal, but the design of the oil seal is such that when installed correctly, the shape of the sealing face is supposed to resist any leakage.
I would think there would be a fair bit of pressure build up to force oil past an oil seal.
Hopefully, oil seal P/N 34 is not the issue. Pain getting the pinion bearing retainer out. Not easy to identify it as leaking either.
As has been mentioned, can't say what the Honda engineers' intent for the holes in the pinion joint are, but can attest to what I have observed on my bike.
Just my thoughts and observations.
Cheers