You should be able to add a "T" in the fuel line to feed the carbs. If you're using 74 carbs, they're going to need 2 lines.
I think the little hole is a drain for any spilled fuel. I'll have to look at a tank to make sure, but you should have a hose attached to the stem on the bottom that empties under the bike.
The 78 tank is going to be about 1 1/2" longer so you'll have to make the seat work somehow.