Last question first... "Exempt" for all practical purposes means being exempt from the California smog inspection process. 1975 and older vehicles are not required to undergo a smog test for registration purposes.
A 1975 GMC Jimmy with a 454 engine came equipped with two different emissions configurations; one for California and one for 49-state legal (FEDERAL).
CALIFORNIA - PCV, AIS, ACL, EGR
FEDERAL - PCV, ACL
PCV = Positive Crank Case Ventilation Valve
ACL= Air Cleaner Pre-Heat Duct
AIS = Air Injection System (Pump Type)
EGR = Exhaust Gas Recirculation Valve