It is a deceleration valve, I assume you have a manual transmission. The differential pressure between ported and non ported vacuum causes it to open upon deceleration, which helps prevent fuel from being pulled from the carburetor causing higher HC & CO emissions.
The rest of it (in the valve cover and the check valves attached) are part of the pulse air system. It uses the pulsations of the engine to induce air into the exhaust system for HC & CO control, instead of using an air injection pump.
The item on the upper right is a thermo vacuum switch (TVS) which switches vacuum sources to the outputs (which could be the distributor vacuum advance, the vapor canister, and the pulse air system) depending on the temperature of the engine.
You mentioned EFE, Early Fuel Evaporation. On the 2 barrel 250 only, the EFE system is an electrically heated grid under the base of the carburetor. IIRC correctly, you can only see the grid under the primary side of the carburetor if you look down through the carb with the throttle wide up. Don't believe there is a grid under the secondary side. It only operates when the engine is below a certain temperature. It is for drive-ability and to help protect the catalytic converter from rich mixtures when the engine is cold.
EFE is a heat riser system on V8s