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opti-spark is the distributor on the ltx motors that ran from 1992-1996
they are located directly below the waterpump and tend to go out as soon as they get wet.
never wash your engine bay , and you should be ok
you can wash your bay just try to becareful when cleaning the front of the engine. The opti is against the timing chain cover, behind/below the waterpump. I have the same opti for 175k miles now and it still works great. its a 94 so its the non vented style even.
they get a lot of downplay but i have really never had a problem with mine, my 1997 z28 also had stock opti for 160k+ miles and i replaced it just because i was replacing water pump and timing chain.
they do however have their really bad rep so its always just best to becareful when cleaning up there and or replacing the waterpump.
Just to put it in layman's terms, it's on the front of the engine, at the very bottom behind the crank damper. You can barely see it, but by looking at where the spark plug wires go you can get an idea.
Never powerwash your engine, and I personally wouldn't take a hose anywhere near it. Keep the Opti dry and it works very well. Wet = new Opti.