im trying to figure out what this nipple on the top of my valve cover is and were both the red vaccum lines go
thanks

 

The 1 on top of the valve cover goes to a fitting on top of the stock air cleaner cover.

 

The part on the carb is the outer vent control valve, it should be hooked up to the charcoal canister, it vents vapors from the carb to the charcoal canister. not sure about the lower fitting. my truck isn`t here, or i would go out and look.

I just looked at a vacuum diagram i have for my 85, the vent control valve is conected to the charcoal canister mounted down by the frame near the radiator, couldn`t find anything on the other conection.

 

That lower item is the "air suction valve" or diverter valve. It shuts off the air on decel into the manifold to prevent backfiring. I assume when disconnected, it defaults to "no air in manifold". It sucks filtered air from the air cleaner. Everybody already mentioned what all the other stuff is for.