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one is modulater valve vacuum. my 78 351m has a vacuum fitting on rear of manifold with about 4 differentports in it where mine goes. the other one I dont know. trace it back to where it goes
Below find a very good explanation. You need a line running from the intake manifold to the rear of the modulator. The other line plugs into the side of the modulator and into the EGR system. if the transmission shifts OK, I would not worry about it.
Q. Why does my 73 model C6 modulator have two vacuum hoses?
A. 73 was the first year for EGR valves. It was found that when the EGR opened, intake vacuum dropped causing later shifts. Adding the inner vacuum line which comes from the EGR, helped rebalance the shift points. Normally the inner (smaller) vacuum hose can be plugged off and the port on the modulator left open with no ill effects.