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It is an exhaust warm up valve, when engine is cold the flap is closed and the vaccum canister on there recieves vaccum when a temperature controlled VSV reaches a certain temp in the warm up cycle and directs vaccum to such, these were found on 5.0's up until 1985 with 1 catalytic convertor, it's purpose is to speed warm up time up and achieve good drivibility during the warm up phase while minimizing emissions.
OP if you convert to true dual exhaust and aftermarket headers, you won't use that/need it anymore, my 85 had one of those, it looks as if the flap in yours is long gone so it is useless now/ nonfunctional