Port 2 is the one leaving the solenoid at a right angle, while port 1 exits on the axis. You will be adding port 3 to the back end between the terminals.
For pick and place usage then, the nozzle would connect to port 2, your vacuum supply to port 1, and either leave port 3 open or connect it to low pressure air.
You'll need at least one 3-way valve for each head on a pick and place machine.
Actual 3-way valves are not that expensive, but this was pretty simple and a part in the hand is worth two on Alibaba.