Steering gear, what’s this cotter pin for?

filler plug
originals were not vented
originals had a mopar oily grease concoction in them. might have been multi mileage lube might not.

closet you can get today is Texaco/Chevron MARFAC but they seem to sell that stuff in 40 gallon drums.... you'd be investing $$$ hundreds for a job that needs a cup full

maybe when filled with modern grease or a grease/90 weight gear oil cocktail they need venting....

id thread it and put a grease nipple/zerk fitting in it otherwise when your headers heat it up its going to ooze out
I'd have to see what was in them originally. John Deere corn head grease might be a good substitute. It is stick and turns semi liquid with heat.