That wasp nest rubber hose is coming out of the Positive Crankcase Ventilation valve: it is the breather hose, which should go to the clean side of the air cleaner or entry to the carburetor.
Old Large One Piece Flo-Jets seldom die, but in any case they were very common and the large parts should be easily obtained second-hand. The small parts seem to be readily available new.
The key question is whether the engine will rotate freely. If it will, it may not be a big job to get it back into shape.
