The CANP (Canister Purge Solenoid) is used to help vent evaporated fuel from the gas tank into the intake. Gas fumes collect in the charcoal canister in the passenger fender, and at part throttle (I think) the CANP opens and lets intake vacuum suck the gas fumes into the intake to be burned. It doesn't affect power at all.
The red vacuum line is part of the emissions system. It provides vacuum to the solenoids in the passenger fender, and routes it to the EGR and the AIR valves . The AIR valves are on the hose coming from the smog pump and route air either to the catalytic converters or push air into the back of the cylinder heads.
Basically, it's all emissions equipment.