I'm not really familiar with that specific truck but in general if it's original Ford parts, Yes the hose should be hooked up and it would run even better. The hose, or where it should be, is probably capped/plugged to prevent a vacuum leak which would make for a lousy idle.
I'd first suspect that the dist vacuum diaphragm is bad and that's why it's disconnected.
A quick & dirty way to test the advance diaphragm is put a vacuum line on it long enough to reach your mouth then with the dist cap removed suck on the hose to see if the points plate moves. If it does, quickly put your tongue on the end of the hose to see if the vacuum holds or leaks. If it doesn't hold the vacuum the diaphragm is shot. If it holds the vacuum but doesn't move the points plate, the plate needs a clean & lube.
If it has electronic ignition there will be a sensor where the points would have been, but the vacuum advance mechanism works the same.
FYI, the initial timing is usually set with the hose removed from the dist & plugged (any official 'tune-up procedure' specific to your truck will have that in the instructions) then the dist takes over the timing advancing duties (while driving) after it's hooked back up.