The bottom arrow/bolt is the port for the air pump. The theory is that when your carb runs too rich, the air pump will put extra oxygen in the exhaust inorder to burn up unburnt fuel in the catalytic converter.
The top-a-ma-jig is the Exhaust Gas Recirculation valve. The theory is that putting exhaust gas in the mixture reduces oxygen thus cooling combustion so that less NOX is formed.
Sounds like these two things kinda work against each other, huh?
Don't screw around with those stock exhaust manifolds. They are a waste of time. Get a header. And if you are rightly concerned about emissions, get a good, modern universal catalytic converter (They can be found on eBay cheap) and keep your carb/ignition in tune. Just my $0.02 US.