If you don't hook it back up, you run the risk of clogging up your cats at a very excelerated rate. This system pumps air into the cats to help deal with unburnt fuel or something like that.(maybe someone can help with its function) I don't really know how it works. I have read a million threads on it though. They all agree, no cats, no air pump. Cats - need air pump. I wouln't say you wasted your money, but if you have no emissions, you don't need cats. They do nothing but help with your emissions. I took them off my car the second I got my collector plates. Doesn't hurt anything. Just smells like an old 50s catless car.
The vac lines, they are small, like pink or red, and green, or something like that with black boots on the ends. I just bought some plugs from Autozone, but you can use small bolts, screws, as long as it fits tight.
I have never just left the smog pump unplugged. It might make a lot of noise. I am not sure. It won't hurt it, just might be annoying. It just pushes air through it.
Maybe you can get some different hose, and reroute the smog stuff, or return or sell you catted H for an O/R unit.