a lot of manual transmissions had these... most of them you had to put the shifter in reverse before removing the key. if the engine was idled too high it would run on after shutting the engine off and when you let the clutch out it would jump backwards. if you take it off...keep it....someone (you) may want it for your/their AC... ......
As per my OLD motor manuel (1969-1975) it is a anti diesel solenoid . You have 2 idle settings 600/500 rpms . You set your curd idle with the idle screw on carb at 500 rpms Then with solenoid ingaged you set your idle at 600 rpms The easiest way to set solenoid idle 1 unplug solenoid 2 have eng. idle in drive ebrake set to hold car set idle with carb adj. at 500 rpm 3 loosen jam nut on solenoid plug in solenoid to ingage 4 turn solenoid like a thimble to get 600 rpms then tighten jam nut Your missing the jam nut
I used a small piece of hose to compensate for the missing nuts. Then I can use the set screw on the bracket to adjust the solenoid. Curb(in drive) idle at 500 makes my car idle like crap, I prefer 650-700rpms to keep it smoother, it sputters at 500. Maybe because my exhaust is so free flowing. So I set this solenoid to be @ 100rpm above curb?