No, it is inside the dizzy, just pop the top off and you will see it. I think it went to the other end of the condenser screw.
The vacuum pipes need a thorough check for cracks, also pop them off at the end opposite the vac unit, with the dizzy lid off, and check that the advance is moving correctly by sucking on the hose. Caioflyer, I think it was, spent months and a lot of money replacing all sorts only to find a 30p section of vac hose had a pinprick hole in it.
It could also be leaky carb gaskets, get some carb cleaner and squirt it around the base of the carb, start the car and look for bubbles.
The inlet manifold gasket can also cause lean running and is easy to change, just a bit fiddly getting to a couple of carb bolts.
Marc