The various bits of hardware, shown at left, accomplished two things (as far as I can tell). The charcoal canister cleaned up some of the carburetor venting and the air pump injected air near the exhaust port of cylinders #2 & 4.
The idea was that the fresh air will give any unburned exhaust gas a chance to burn itself up after leaving the engine, thus producing cleaner exhaust at the tail pipe. On the next generation of VFRs, these injection ports were added to cylinders #1 & 3 as well. The whole contraption was obviously effective enough to satisfy the feds back in the day, but 35 years later it all produces a lot of potential leaks and no way to test whether it actually still functions as intended. So, I vote to eliminate the system as a whole.