Exactly what Sirrotica said above.
It's called a TCS solenoid (Transmission Controlled Spark) and it's controlled in two ways... by temperature to aid with cold starts to help warm up the engine and also at high temps to help cool it down by allowing full vacuum advance in both conditions. The transmission side of it is controlled by a switch on the trans which allows full advance when it shifts into 3rd gear at cruising speeds. Your solenoid is actually mounted incorrectly, the bracket mounts onto the passenger rear head near the heater hose fitting. Once installed correctly on the passenger side... the long nipple opposite of the electrical connector is left open, this is where the little foam filter would go as mentioned above. The plastic nipple pointing to the drivers side (where the cut off hose is attached now) goes to the vacuum advance unit and the metal nipple under the electrical connector goes to the vacuum fitting at the rear of the carb. If you want to get it hooked back up and working, I can help you with that.
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