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It is the control switch for the C49 option, the rear window defogger. It was the first year for those tiny heating wires in the rear window glass. Before 1976, there was a optional blower built into the rear deck. The blower type was called a "defroster" system.
It does, in fact, go down when I flip the switch so it must be working. I doubt I will ever use it but it is good to know what the switch is for. Thanks again.
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.