That is a anti stall Dashpot. My 300/6 also has one that is slightly different on it's YFA.
The purpose of it is to hold the throttle open slightly for a second or so, thus preventing the throttle from closing abruptly, to prevent stalling.
Without it your engine could stall coming up to a stop light or stop sign, with your foot on the clutch, and foot on the brake. If the truck is manual.
The set screw adjusts how long the Dashpot holds the throttle open for, and how high it holds it.
The dashpot can also be adjusted where it attaches to it's carb bracket.
Some Dashpots are heat sensitive and may not operate fully when the engine is cold.
Hope this helps.
P.S.
To adjust the dashpot have the engine warm and at correct idle speed. Rev the engine and see if the dashpot holds the idle slightly higher for a second or so. If not reduce the amount of space between the screw and the dashpot until the dashpot holds the idle slightly higher for a second after reving.
Hope this helps.
Truck: 1981 F-150 Explorer / Engine: 300-6 California MCU Feedback System / Trans: T-18 - 4 speed / 2.75 Ford Rear Axle Open Diff.