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The vacuum line runs to the vacuum modulator on the transmission. It is one of the means to control the shift points in an automatic transmission by determining engine load (low vacuum=high engine load and transmission will wait to shift until engine rpm's increase and vacuum raises).
There should be no leakage past the diaphram in the modulator. A small amount of tranny fluid in your intake manifold is not a big worry (old school used to put tranny fluid in the gas tank to clean deposits off of the valves and combustion chamber). A leaking modulator will affect when a transmission will shift. The new modulators are adjustable, also. It's an easy and cheap job to replace.
Hope this helped.