Adjustable fuel
pressure regulator, set at 6 lbs, in the pic. I've seen many of those things over the years, heck, my '74 had one on it when I bought it, but they rarely do a proper job for more than a few days. Chances are, if you have one of those things on the car, and the carb is flooding, the problem is in the carb itself. Of course, if it has an electric fuel pump, you definitely need some form of pressure regulator. There are some electric pumps that are low pressure, and will work with a carb without using an add-on regulator....it all depends on the pump output specs.
What you really have there is a cheap paperweight.
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Joel Adams
C3VR Lifetime Member #56
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"Money can't buy happiness -- but somehow it's more comforting to cry in a CORVETTE than in a Kia"