that is the correct part for a 78 L48 engine. there is a one outlet airscoop that is mounted on top of the radiator and the single snorkle air cleaner is attached to it via a flexible tube about 6 inches or so long. there are also foam pieces that extend outward from the duct on either side of the radiator frame top to block the airflow over the radiator and force it through the air duct to the air cleaner. this is designed to improve cooling by forcing the most air possible through the radiator, not around and over the sides of it.
as a suggestion, whenever you have a parts problem (and you don't have a factory assembly manual, which i suggest you obtain as soon as possible), go to the corvette central web site and do a parts search. they have an awful lot of parts diagram breakdowns as part of their on line parts catalog.
steve