The one on the filter holder is for the crankcase vent, on top of the valve cover.
The one on the plenum is a drain, if the carbs ever overflowed. The stock hose reduces down to a smaller diameter and has a slit or "pooter" in in, so you can pinch it and drain the fuel. Just run a hose down behind the engine and put some foam in the end so that the air isn't unfiltered. The stock hose is very hard to find.