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71GMC_3/4T, if it is original than you are right...pink is ignition, but it should not be out to the engine.
After re-reading the original post, is this pink wire coming out the back of the fuse box and sharing teh same slot that the white cloth covered wire is coming from?
If so, it is some one's attempt for the HEI wire.
mine was wired like that when i got it, but it wasn't done very well and fell out about 6 months ago or so.
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