Quick question: where does this pink wire go?

[dmjlambert]

That white cloth-covered wire is the resistor wire used for the coil power in a points distributor. On the other side of the firewall that position connects to the 12 gauge pink wire, which is unfused switched ignition power. It should be OK to put those switched devices under the hood that you mention on power that comes from that position. I suggest use 12 gauge pink wire for that. The wire and devices would be protected only by the fusible link at the battery unless you added an inline circuit breaker or fuse, or a small fuse block somewhere. I bought a ready-made pink wire with terminal that inserts into the firewall connector, having an HEI power plug on the other end, from Year One. At some point I may tidy up my wiring by tapping into that wire to connect the kickdown switch and electric choke. As it is right now I'm using that pink wire with its own grommet that you mentioned at the top of the thread for power to my electric choke, and kickdown is not yet connected.