This sounds similar. The 51' Swan's bilge alarm started going off. My friend Jack(crew), said they had a bucket brigade going for a while. Once they found the dripless was a fire hose, it took them a long time to get things sorted out.

They couldn't fix it- they were able to get it down to(what sounds like) about a gallon a minute when the engine was running.

They sailed most of the leg-non stop- from St John(I think), and it sounded like a rough one! Beyond Bermuda or so, most of it was fully reefed to windward. Jack said the boat was amazing going to weather, but you took your life in your hands moving below.

The captain said it was the toughest leg of the entire ARC circumnavigation. Maybe the conditions precipitated the failure?