The squirrel is from Flatbush, in Brooklyn, or so he infers. He also wears the latest fashion trend, bobby socks, which were hugely popular in the 1940's and 1950's.
The squirrel plays several gags that fellow cast mate Bugs Bunny would also use in cartoons, including the "Bon Voyag-E!" and misdirecting the sheriff.
Porky is shown with split black hooves and just a glimpse of his rear end (and curly pig tail) through his (seldom worn, usually) trousers. His style and appearance were still being refined, though he looks and sounds much like he would for future cartoons.
Paper Boy in the sixth race (at Aqueduct?) seems to be the horse to back.
"Porky Chops" is available on Blu-ray, fully restored in high definition, in Looney Tunes Platinum Collection Volume One.