1. Assuming a USA-spec model, the vacuum line is only for the cold upshift delay. If it doesn't hold vacuum, the result would be no cold upshift delay, which will eventually trigger the CEL, along with code 26 on pin 19 / DM.
2. You only need to replace it if you want the cold upshift delay to work, and/or have the CEL work properly if it's continually showing code 26.
Replacement is not fun, see my HOW-TO writeup.
Note that non-USA models have two vacuum lines, the other is to engage "economy" shift mode triggered by the E/S switch on the shift console.