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The one toward the center is for the bypass hose to the intake. The heater hose connection should be just above the radiator hose connection on the right side.
Looking at that picture, and not sure what year your BBC Corvette is, that pump is way different than the one on my 69 BBC. I don't have that boss on the left side. It would not fit my car with power steering.
Yeah, mind does not look like that. I have the bypass only, from intake to top of WP.
But I have the short water pump-model ie. (Corvette), like most for a BB.
GOOD CATCH
forgot to say that this engine is far from stock.
So the one on the drivers side is for a bypass if used and the one on the pass side is for the heater if used.