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Sounds for me like the ball that closes the fuel pump jet to richen the mixture while accelerating. It functions like a shut-off valve, so that the fuel pump circuit of the carb is permanently under fuel. If you loose one of both bals, you have to "pump" your carb to accelerate, as the fuel stand is too low in your carb to have direct enrichment. I would exchange the carb, as this ball is secured through a press-in plug and it's not easy to relocate that.
Btw, is this brass part drilled in the middle or is it a also a just a plug? a picture would be helpful, but I would start with a rebuild of another 34 PICT with help of detailed instructions, as Rouser told before.
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