Fuel tank vent.

Now there is a way you can use that return line to the sender from the engine compartment....

There is a 3 port fuel filter that is designed to redce vapors in the fuel. (to reduce vapor lock)
Another use would be to put a return line pressure regulator to help with the same.

BUT...Be sure the return line goes directly to the extra port on the sender.
I've read Alot of Good things about the 3 way Wix Filters here..