My buddy that rebuilds 350s for his Pontiacs of the same era, said it looks like the TCS harness to him. That it is possible when they did the reubuild the harness included that connection although it was not needed. so they just taped it off incase he ever went automatic. We dont know for sure but that is as good a theory as any.
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-- Cory
71 Cheyenne 10 - SWB, 350, "3 on the tree" AC cab
07 Suburban LTZ 4x4
2010 Acura TL
98 Mastercraft "FrankenStar" 225
27253 UPS/USPS
IIOY....nope never was
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