225 Air cleaner to carb spacer missing?

That's the correct rubber gasket, though yours is overdue for replacement. air cleaner may well not sit flat on that carburetor even once you've got a new gasket; it's not a match. It's a '61-'69 style air cleaner base on a '74-up carburetor that originally used a very different air cleaner. If this is what's going on, you may "get outta jail" with two stacked gaskets between air cleaner and carb.

And yes, the white cap needs to come off that float bowl vent in a hurry.
Thanks Dan. Rats! That explains it. I guess I'll keep my eye out for a period carburetor. In the meantime maybe there's an adapter? Just took the cap off the vent. Does this need to be fitted with a hose or leave it?