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Ugh. So last night my buddy was helping me pull out the driver's side (95 LT1) manifold for getting headers in. In a fit of gorilla-man rage he pulled up too hard and low and behold broke the end off right of this guy. Its located above the oil pan and kinda on the side of the engine. I don't think it's for coolant, as nothing leaked out as I slowly removed it just in case.
I've been looking this morning, thinking it's an oil pressure sensor or something, but haven't found any pictures to back it up.
If its mounted on the head it is the sensor assembly coolant guage (name from 6A1B-4 FSM)
and I broke one back in 2005 installing my headers the first time..
Coolant came out of my head when I pulled it to remove a new one (not much because I was expecting it and was quick ...if yours is dry you may have a low coolant level or your cooling system has some crusties...plugging the hole..
If it was towards the rear of the driver's side block above the oil filter, it's the oil temp sensor. There should have been a little oil on it, though (unless that's why you were pulling the motor )
There are two coolant temp sensors on LT1/LT4 vettes: one in the passenger-side head, one in the front of the water pump.
The knock sensor is in the middle of the side of the block as well, but it doesn't look like that.