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What is the function of the transmission controlled spark (TCS) solenoid on a 1972. Does it effect the engine's idle speed upon cold startup and/or after the engine has warmed up?
No. You should first decide if you even want the TCS system to be active on your car. The TCS system strategy is to use "ported" vacuum to operate the distributor advance can, so that there will be NO vacuum advance on the engine until the throttle is significantly opened. AND it only drops the TCS system when the transmission is shifted to upper range{s).
For best operating, manifold vacuum advance should ALWAYS be fed directly to the advance can. You might burn off more hydrocarbons when idling with the TCS operational; but the idle quality and idle economy will be less than 'good'. So, if you don't want the TCS system operational on your engine, just leave that stuff off. If you want it set up like stock, have at it.
I leave the TCS hardware on the engine, but [usually] defeat it by re-routing the vacuum line so that it bypasses the TCS stuff. Looks stock, but operates without TCS working.
You can leave everything in place but disconnect it from the vacuum advance can & plug it off; then run another line from the advance can to the manifold vacuum port on your carb. If you want to switch over to the TCS system (for car shows or emissions check), just move the plug over to the manifold vacuum line and reconnect the TCS line to the advance can..