Just saw this and agree you can remove it. But don't throw it away in case you decide to sell and someone in a state that does inspections needs it.
Simply connect your front distributor advance port to the "ported" or "timed" vacuum fitting on the carburetor and you're done.
Most find this the best spot, while some still find that theirs runs better on full vacuum. Most of us however have better luck with the timed vacuum signal so there is no vacuum at idle.
Paul
maybe a dumb question but I'm assuming if I'm upgrading to an msd distrubotor I wont need this?