fuel line hose from the pump

[Wikizz]

Hello, been trying to fix fuel leakage at my 84' gt and came across this fuel line hose, it sits on fuel pump hard line above the tank. As you can see from the pictures the condition is very poor, rusty and leaks from the both ends at the bolts where it connects to the hard line. The hard line actually just came off due to rust trying to unscrew this. Been wondering what is the purpose of this hose and how badly do I need it?