NO..NO..don't cap that hose, Bob.
It's the vent for the gas tank and if plugged a vacuum will build in the gas tank as the fuel level drops..then the gas stops gravity flowing into the fuel pump and then the carbs run dry and the engine stops.
If you remove the CC there are a coupls of options..
On my 74, I ran that hose to the front carb, to the nipple that would have ordinarily been conjoined with the rear carb to the valve cover. Rear carb to the valve cover..front carb to the gas tank vent.
On my 73, the hose was simply cut and left dangling straight down slightly above the nearest part of the frame...
I thought I was smelling the odor of gas, so I extended the vent hose to a small motorcycle Carbon Canister bought off ebay that I strapped to the frame under the boot.
I continued to smell that gas, btw, and by removing the 'gas tank board' behind the seats, I discovered a loose hose clamp around the vent line and some dampness
Once tightened the odor left.
I know a couple of guys who just left the vent line unattached once the CC was removed.