I was under the impression that the fuel tank & delivery system is a closed system. The vapors that normally leak out are captured in the charcoal canister for a variety of reasons. If those lines are not connected, that may mean that you have disconnected lines coming from your gas tank. I would suspect the slight exposure would mean a tiny loss of gas through evaporation. That's probably no big deal unless you let it sit for months.
However, some newer vehicles will not operate properly because they vacuum seal the gas tank. That's why some new cars won't operate very well if you don't put the gas cap on, or if it is loose.
How does that affect an older truck? I don't know about the K5's, but I did have a 1994 GMC Typhoon with a defective canister and one day the whole truck started reeking of gasoline. The smell was so strong I was pretty sure it would have been a fire hazard had a spark gone off nearby.
Personally, I connect the lines. It's good for the environment and doesn't hurt the truck - if anything it may help you from gas fumes leaking in and causing you to get sick.