I don't have a 75 shop manual, so I don't know the specific plumbing / hardware differences in the system, l but the basics are in most any shop manual after 70 or so. You can download a 72 here
http://www.abodyjoe.com/pictures/Misc. car info/1972 Plymouth Chassis Serv Man.pdf
You have to read both the fuel section and the emissions section
Basically, the tank either has a separate or built in vapor separator. The only place "out of" the tank for vent is the line in question.
The filler caps have never been vented, and if you look at those threads, you'll see how the older cars (pre 70) had a vent welded into the upper filler tube. The caps have a "pressure vaccuum" relief.
That line comes up front and ties into the carbon can system. The ball valve in the end of that line is supposed to keep liquid surges of fuel at bay during filling, etc.
The MAIN purpose of the line is what I've been trying to convey. It IS the tank vent. The reason it is there and the reason it ties into the carbon can is to recover fuel vapors instead of venting them overboard.