It looks to be some type of check valve, is it in the vapor return line from the fuel pump? I have been unable to find anything like it in the 73 fuel diagrams. Your engine appears to be the early 73 Light Blue color, not the darker blue used after the mid year emissions scandal, so I am assuming your car still has the original early 1973 emissions equipment on it. (as does my 73 Lemans Safari) But my car does not have anything like that on the vapor return line