That is your crankcase breather. There should be a hose there. The smoke coming out is due to blow by combustion gases. I am not sure if you can find it but there should be a spec on how much pressure can be built in the crankcase in X amount of seconds. About your bogging, It is probably a jetting issue
Hey someone pas me the wrench........ Ahh screw it where is the torch
Hey someone pas me the wrench........ Ahh screw it where is the torch