From the tee, the fuel supply line (the straight-through line) goes to the carb. The line coming off the tee's metered orifice is the fuel return line. That orifice is quite small, about the diameter of a small needle. I've never seen a good explanation for this line, though it appears to me its purpose is to bleed off excess fuel pressure from the carb.
For what it's worth, the replacement aluminum fuel tank I had installed last year arrived with only one fuel line connection. I queried the supplier, who said the fuel return line was unnecessary. That seems to be the case, although I notice the smell of raw gasoline in the garage after I've parked the car. If you don't have the original metal tee, you could consider blocking the return line at the tank.