David,
The electronic ignition does not eliminate the need for that vacuum line. If you notice no change, then something else is not functioning properly in the emissions control circuit such that your two way valve is not functioning. Many of the emissions controls have been disabled over time as they are difficult to maintain and frequently don't work right. The problem is you can not optimize performance easily without the system, unless you start switching out distributors, coils, etc. This system regulates retard which must go away at high speeds. If the retard is not shut off via the 2 way valve, you will not have adequate ignition advance at the distributor at higher speeds.
It may be that your RPM relay is not working or another relay is not working. It could be your 212 degree switch is not working, which I believe effects emissions control. There are a few posts here and other places that go into great detail on the emissions control circuit and I would suggest you research this further if you want to optimize performance. The Big Blue Book has pretty good details on how to diagnose relay issues in this circuit.
Hope this helps,
Tom