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Yep, that would be the ignition. The white is a resistance wire and the pink would go to either an HEI or after market distributor that takes full 12 volts. This is all based on the pink wire not going anywhere else of course. It is a way to get ignition hot to somewhere without running from the fuse block, just not a good one.
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'68 C-10 LWB, '98 Z-71 350 w/accessories (Serpentine), Edelbrock Performer, Edelbrock 1405 (600cfm) carb, GM HEI, CompCam Extreme 4x4 roller cam, Thorley Headers, Carter Electric Fuel Pump, Vintage Air, 700r4, 3.73, disc brakes and power steering upgrades.
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