The dashpot is for automatic transmissions only. Designed so the engine does not stall when the throttle is totally removed.
As for the little hole on the side, yes that is you vacuum line that goes to your distributor and controls your vacumm advance, its what as known as carburetor vacuum which is different than manifold vacuum. Lot more pricise as far as engine needs are concerned, especially when it comes to running your vacuum advance.
Some carbs don't have the hole just and inlet tube, Your carb must be a pre 1964?
Be really careful with that little 3/8 brass nut, its a common one I find rounded off.
Bill White
White Automotive
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HAVE A NICE DAY!!!!