Yes. That looks like a check valve for an air injection system. It connects to the exhaust. If there is no pump then agree, take it off and be sure the exhaust is plugged (or get the pump). Usually used to help react with remaining hydrocarbons and to raise the operating temperature of catalytic converters. 1978 had no cats, 79 probably did.
PS. Try to seperate the spark plug wires more if you can. it can reduce cross talk.