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.
Make sure it is the ported vacuum port on carb. Depending on which version that carb is, the port could be in the metering block or the body. Easy check is no vacuum at idle. A 500cfm 2bbl. is really 350cfm rated the same delta as a 4bbl. Half a 700 4bbl., more than You really need, but not too bad once You've got everything ship-shape.