If they're both on the same "can" with one sticking out the front and the other sticking sideways out the rear, or both sticking out sideways from different ends of the can, then yes, as you suspect one is advance and the other retard.
However, unless you have the full plumbing system for running the retard setup (hoses everywhere) then it's not as simply as connecting the hoses to two different places.
If you're just running a simple setup, leave the rear fitting open and connect a vacuum hose to the front fitting.
Usually, with this single hose setup, you connect it to a ported source. So there is no vacuum at idle, and only comes in as you press on the accelerator. Some have found full vacuum to be the ticket, but most of us (probably 85 to 90 percent) have found ported vacuum to be superior for the standard Bronco engine.
Paul