Yes, but only do it if you want your car to stop running as if its shoelaces are tied together. Don't do it if you like hesitation and mushy acceleration, because you'll be disappointed with the results.
Yep, do not pass go/do not collect $200.
Not even a little bit.
It's a purely academic exercise. This system—OSAC stands for Orifice Spark Advance Control—was a cheap and nasty means of squeaking the cars past 1974 emissions standards so they'd be legal to offer for sale. The system delays vacuum to the distributor by a set number of seconds to reduce spark advance during acceleration, eventually letting vacuum through to allow spark advance during cruise. This lessens NOx emissions while severely degrading driveability (meanwhile, the EGR valve is in on both parts of that game, too).
