however it could be a decel valve...

UH UH...........it's not dead yet! lol

Yep, it's a decel valve and nope it's not a fuel pressure regulator :D

Next time i will refer to my shop manuals. Sorry for any wrong input, beer tends to help my confidence too much sometimes.

Cheers, Don.

(Note: I was drinking while writing this too. Damnit! Its a vicious cycle.)

Decel Valve
 

Not to beat a dead horse, but one more tidbit about teh decel valve....

Apart from the emissions benefits, it does have one very handy feature. It's nice to have if you have a lightened flywheel. If you lift off the gas completely from high revs, an engine with a very light flywheel will have a tendancy to drop revs too quickly and -possibly- stall. The devel valve bleeds air back into the intake and will slow the rate that the revs drop. A handy thing to have if you've got a very light flywheel...

Just my $0.02...

Josh2

i think the smaller one in the upper pix is a '74 decel and the bigger one uninstalled is a '75.

I think you hit it right on the nose there. The top pic shows a decel valve that was common to 1.7 and 2.0 engines as well. Leave it unless it's faulty, or bypass it if you don't want it and don't need it for smog.

If it were a fuel pressure regulator, two of those connections would be fuel lines, and it would be mounted on the engine sheet metal.

***further flogging a dead horse***