Thats the canister purge valve. One end runs to the charcoal canister and the other runs to the upper intake. One end appears to be open. It should be connected to the canister or the intake. Its for emissions and mileage. In short, there is a vapor valve on top of the fuel tank. A line runs from that to the charcoal canister which collects fumes from the tank. There is another line from the canister to the purge valve and a line from that to the intake. Depending on conditions the computer opens the purge valve so those fumes i mentioned can be sent to the engine to be reburned, basically. The engine will be just fine without any of that stuff, but i dont know how fussy those SN95s are when it comes to that stuff. That shouldnt affect the idle tho as far as i know.
Code 332 - Check for any broken vac lines. Take your EGR off and clean it out real good as the nipple may be getting hung up on some carbon (work it as you clean), then clear the computer and take it for a drive to see if it helped any. Like a Fox, an EGR valve opening not detected could be from a bad vac line, a bad EGR position sensor, or the EGR itself is sticking or the diaghragm is bad. Dont get any chemicals on the diaphragm tho or you can ruin it. The EGR can screw with your idle if its sticking and they do get pretty dirty over time. Same with an IAC valve.
For your o2 sensor codes, have you checked the fuel pressure? When was the last tuneup?
When you work the TB manually, do you feel any sticking or is it nice and smooth? If it feels sticky im sure it needs some cleaning. Should be able to find TB cleaner in most auto parts stores. Spray some of that onto the shaft and work it a bit. Dont know if that will help but its worth a few shots.
Im not quite sure about the slow idle. My 93 does that and i havent figured it out yet. Still working on it.