New Moto Guzzi Door Mats Available Now
The vent is the one at the front of the tank, up in the tunnel. If I recall correctly...
The one without a nutThe one with the nut is the fuel return for injected systemsThe third one under the tank is the fuel filler drain, it usually blocks off with rust diverting any water that collects around the recessed filler straight into the tank, if it's free send a few drops of oil through to stop it rusting.
If it's NOT free you've got a problem -- it MUST remain free or it rots and either spews water into the fuel or spews fuel out the drain.