Quite a bit of fresh orange rust up there. If you feel like it, tie up the float and bale it out (use a sponge to get the last bit out). How sure are you that the water still contains inhibitor? Draw a bit of the system water out from a drain-off into a jam jar, put a steel nail in and see if it rusts.
Also can you "Try tying a jar under the vent pipe (the one bent over the F&E tank) so that, if any water comes out of it, the jar will be filled. Water should never come out of the Vent pipe unless something is wrong. You can also sit up there with a torch watching the F&E, with the CH pump running at full speed and the boiler turned up hot. This is when interesting things are most likely to happen."
And have a look at the pump body, there will be an arrow on it to indicate direction of flow. Does it point up or down?
Also can you "Try tying a jar under the vent pipe (the one bent over the F&E tank) so that, if any water comes out of it, the jar will be filled. Water should never come out of the Vent pipe unless something is wrong. You can also sit up there with a torch watching the F&E, with the CH pump running at full speed and the boiler turned up hot. This is when interesting things are most likely to happen."
And have a look at the pump body, there will be an arrow on it to indicate direction of flow. Does it point up or down?