It's actually the feed from the heater hose, not used on a marine engine.
Nope, not really,....
A heater is fed from the other side of the t-stat, the hot side, the head side,....
The heater would return it's water to that undrilled barb, under the big hose barb,...
That's the low pressure side of the circulator pump, the t-stat side/ head- block side is the higher pressure side,...
Btw,... Nice boat hemi,...
I've got 2 of those, in much worse shape in my backyard, a '61, 'n a '67,....