I think I have this cracked.
This port is referred to in several forums as the "venturi vacuum port" and "EGR port." There's quite a bit of confusion as to what a venturi port is for dummies like me.. I thought it simply provided "ported" vacuum, which I thought because it was above the throttle plate. (read here for the difference between ported/manifold/venturi:
Vacuum Explained: Manifold, Venturi & Ported - New Article by Lars - CorvetteForum - Chevrolet Corvette Forum Discussion )
It's called a venturi port because its a port to to the venturi area of the carb. The vacuum is created from air coming through the venturis. The vacuum reading doesn't register at idle (in my case), and barely hits 4-5 HG when I rev up to 4,000 RPM.
This all makes sense to me now. I'm trying to figure out how/where to hook up my Wide Open Throttle/Load Control Valve which shuts off the EGR at WOT of course. Whenever I stuck a vacuum pump to my WOT/LCV it would shut at a pretty low reading (below 5 HG) so of course I thought it was busted and bought another on EBAY which just arrived today. This is what I get for messing with this shit after working all day and my brain is fried.
I don't actually need much of a vacuum signal at all to actuate the WOT/LCV so this port is it, and this one is functioning just fine. I just have to make sure the WOT/LCV opens back up when vacuum is released.
Some SEO shit in case anyone has to go through SMOG in the future: 351m, 351m/400, Ford, 1978, 1979, 2150