What is this?

I'm going to stick with the carb and eliminate the manifold vacuum fitting and replace with a plug. Connect the PCV valve to the back of the carb and the vacuum advance to one of the ports on the front of the carb then block off the rest. I have been reading up and a little knowledge can be dangerous, so, I'm thinking about switching to electronic ignition or putting in a Petronix and a hotter coil.