No, thank goodness; that is not an EGR which is always an iron casting with a big diaphragm & a vacuum hose to its top. What your rig is, is the stock PCV recovery system, and it does no harm as long as the valve in the left rocker cover is still operational (they plug up over time). Its possible to install a new PCV upside down, and if done, will magically turn your car into a mosquito-abatement machine in right turns! Some '74s and some later gray-market Panteras did get EGR, and its a nightmare to keep running!
Another part of the minimal smog equipment '72s got is an idle-speed-increase solenoid and a charcoal cannister under the rt quarter window. The can is the termination of the gas tank vent line with a 2nd line going from charcoal can to the air cleaner. These things go non-op within 5 years from new and after that, are just along for the ride. They are sometimes the source of a gas smell and are unrepairable but can be replaced new from Ford at some cost. I usually disconnect the line to the can and hook it directly to th base of the air cleaner with a Fram filter made for exactly this use. The can and most of its lines are resting comfortably in a box in the garage. The idle solenoid IMHO is a joke: it had a thermal switch that increased the idle speed from around 650 rpms to around 900 when the engine began to overheat. The theory was, higher rpms speeded up waterpump circulation thru the radiator and cooled things down. In practice, it increased temperatures, caused boil-over and should be disconnected.
On your Motorcraft: you have a genuine antique there for which very few parts or gasket sets are available, no one I know will overhaul one and Ford will be no help at all. Either a Holley 600, a Demon from Barry Grant or one of the Edelbrock carbs in similar size will undoubtably get your car running better, with far better fuel mileage.