Taking a quick look, it appears to be a oil pressure switch (not sensor, switch) connector. On the early GM fuel injection stuff they put an oil pressure switch across the fuel pump relay. There has been many a thread about this switch being used to control the fuel pump once the engine is running but I have never seen any evidence of that being true. From my experience, it is simply a backup to the fuel pump relay only and I've eliminated it without any issues. I didn't believe it was ever used on a LT1 but it may have been on the early years.
Bookmarks