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Looks to me like a large magnet to capture ferrous metal on the oil-side of the pan. When next changing the oil, slide it to the drain plug and off the pan so that any particles it captured are left close to the drain and flushed out.
Some folks used magnetic drain plugs - I've not done either because a good filter should capture any metal particles of a size that would damage bearings. -- And, if you've got large metal particles in the oil, you've got something else going on that's of greater concern.
Looks to me like a large magnet to capture ferrous metal on the oil-side of the pan. When next changing the oil, slide it to the drain plug and off the pan so that any particles it captured are left close to the drain and flushed out.
Some folks used magnetic drain plugs - I've not done either because a good filter should capture any metal particles of a size that would damage bearings. -- And, if you've got large metal particles in the oil, you've got something else going on that's of greater concern.
^^^THIS^^^
FWIW, GM installed OE round magnets inside pans of zillions of TH automatic transmissions.
Lots of non magnetic particles in engines so it won't get everything. My Milodon pan came with a magnetic plug so I use it. I cut a magnet off a speaker and my buddy has it on his truck. .pick your poison.
Well, another mystery to me on the 1973. This looks like a push button switch (thin rubber cap on it) in engine bay where hood comes down. Wires run down to the starter. Wouldn't be a factory thing, would it? A remote switch to crank the starter? (I haven't tried to push it, worried it might be a self-destruct button...)
