So is it a separator, or just an expansion tank?
It's called a condensing tank, but it can legitimately be called any of the three really. It's condensing function is basically acting as a natural "separator" (since that's what condensing is) albeit without any fancy baffling or mechanism to promote separation, and expansion tank too, if for some reason fuel expansion pushes liquid up into the lines.
But generally that is not supposed to happen.
It's also the main reason we've been told not to "top off" our tanks since the late sixties. Doing so leaves no room in the main tanks for the expected expansion and contraction gas goes through when heated and cooled.
So it's while it's not literally a separator based on some fancy baffling feature, it naturally separates by letting excess vapors condense back into liquid, where it's then gravity fed back down the drain line into the rear tank.
That last bit is why the aux tanks only had one vent hose and the main tanks always had two. Of the two, only one is a "vent" while the other is a liquid return as it drains out of the condensing tank.
It functioned pretty well too, but a split seam or leaky fitting was an entirely too common issue putting heavy fumes into the cabin. And why they got outlawed finally. Or at least self-outlawed if the government did not mandate it. But I think they did finally.
When mine split, it was fine most of the time but as soon as I filled the tank up the fumes would be hot-n-heavy in the cabin for a day or two (about 40-50 miles or so).
I managed to seal the split, but never trusted it after that and is why I'm still a big fan of the high-mounted later model stuff.
By '77 no vehicle was allowed to have extended filler necks poking out of the side (hence the doors on '77 pickup trucks and Broncos) or gas "tanks" inside the cab. That's why the condensing tank in Broncos went away in '76 and the in-cab fuel tank in pickups disappeared in mid-'77 for the Fords. GM had already gone that way by '73 I think.
Paul