1986 fuel system leak

I'm hoping someone can assist me. I have an '86 325 that has a gas leak right under the driver-side door. Looking at the part that's leaking, it's small, fuel-filter-shaped and it's positioned under the car near where the lock and handle are positioned on the door.

The corroded part has a fuel line coming out of each end and it connects to a larger, filter-shaped device. Overall, the part is about 2 inches in circumference.

Does anyone know what this part is? I'm told it's not a fuel filter. (I know where the fuel filter is.) I don't want to put much money into the car, as it has many significant problems and more than 200,000. Can the part be removed without it hurting the performance of the fuel system?

Any assistance would be greatly appreciated.