Went ahead and did some research, like I SHOULD have done before posting. Anyway, that's the Outer Vent control valve. H8PVMNT did a fantastic write up on de-smogging the stock carb.
I re-installed the charcoal canister and the vent hose, which has seemed to help with the light flooding issue I had when the truck is warm and has sat for 15 minutes. My guess is, the carb bowl had nowhere to vent the fumes and would lightly flood because of that?
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