That is a stock 79-80 dissy. It is a good unit, as long as the vac advancer still works. They are old enough now that the failure rate is ~50%. Get a mityvac tester and see if the two vac fittings will hold vacuum. also, pull off the dissy cap and verify that when vac is applied, the plate moves inside the dissy.
If they are both good, then connect the vac advance hose to the inner fitting, closer to the dissy body.
If only the outer fitting test good, then connect vac there and bump up the idle timing a couple degrees.
If neither fitting holds vac, then consider getting a used 81-87 dissy and engine side cover.
On the dissy cap are 2 hoses. The big red one should go to a small filter inside the firewall. The smaller one that is currently hanging out should go up to the top of the air cleaner. It is important to have the hose connected to air cleaner, because it will pull air through the dissy to keep the electrically charged (ionized) gases moving out of the dissy. Ionized gas is aggressively corrosive and eats the innards of a sealed dissy.