My car is equipped with a 2 barrel Rochester carburetor mounted on a 400, with the optional manual air conditioning. My dad has been a self-taught mechanic since the mid '70's and he cannot identify what this might be: 
1972–Unidentified Part Mounted Near Carburetor.
- Thread starter N_S_Eller
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Thats the TCS switch, transmission controlled spark. The vacuum advance to the distributor was controlled by this switch causing vacuum to be applied only when the transmission was in 3rd gear. Part of the emissions system.
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Unless you need it for state inspection or because you want the car to be 100% correct leave it alone. You should have a hose that has constant intake manifold vacuum going to the vacuum advance on the distributor.
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Pinion head
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As mention it is an ECS switch that retards timing until engine warms up. Small diam vac hose on one end, thimble sized open cell foam filter on the other end. The foam filter always degrades, fir my '72 T/A ave made a facsimile of the filter using a hot wire and black open cell foam.
avell007
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My 70 Cat has that , been around cars for decades never saw that part before , strange