On edit... in response to TSHEP's question.....I found this picture online - both my JD 790 and L4790 came with this type of filter. The filter itself presses on to a stub on the top of the housing and is held in place by friction. The bowl is removed by the pot metal threaded collar. The file photo above shows the bottom of the bowl full of water and the plastic float ring pushing against the bottom of the filter cartridge.
I've had good luck treating diesel with Stanadyne Performance Plus treatment; it disperses water into suspension and is consumed with the diesel. I never have any water to drain from pickup (7.3 IDI) or the two tractors. Water droplets in the fuel rather than accumulating in bowls causes no injector or fuel system damage.
I don’t think there is a vent on the Racor but I’m not sure. BX’s are self bleeding so if it is a vent I never used it. The Racor is setup so you can plumb it in different ways so there are more openings than you need, the extras are just plugged.