If it is, what is the wire attached to it for?

No, that's not the OSAC valve. This what you're showing us looks to be a '70-'72 engine, and OSAC valves didn't appear until 1973. However, for 1971 and certain 1972 models in California, there was a NOx emission control system that disabled spark advance until the vehicle was in 3rd gear, and this you've pointed to looks like one of the parts of that system. What year and model is your car, and is it a California or 49-state/Canada version?

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Too many people who were born on third base actually believe they've hit a triple.

Its a 71 Duster from California.

A guy had me take the two hoses going to it and temporarily connect them together as you can see. Do I need to do anything else to remove the device from my car?

edit

I thought it might be a California '71! No, you needn't do anything except make sure the vacuum hose runs directly from the carburetor to the distributor.

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Too many people who were born on third base actually believe they've hit a triple.

I suggest that you don't throw old oddball emission devices away - I've seen some that have become quite valuable!

My brother '73 Nova had a similar device that passed full manifold vacuum to the advance only in 3rd gear - there was no vac. adv. port on that carb. If you've got an adv. port, you're all set.

And if you do want to remove it just to clean up the compartment, that system has it's own harness that plugs in at the ballast resistor. You can cleanly remove the parts on the engine, at the speedo cable and on the cowl very quickly without cutting anything and save them. It was a terrible idea.

Thanks for all the info guys. I'll probably just remove it to get it out of the way and then throw it in an extra parts box or something.