BB 727 Trans help please

I finally go the 727 for the 440 Valiant build. Its a rebuilt with about 50 miles on it out of a Dodge van. Got a great deal on it from a friend but when I picked it up I noticed the 2-wire lead coming out of it and don't know what that's for. Also noted that it had 2 shift arms. One of them feels like it is somewhat spring-loaded. (top one) Why would it have 2? What are the wires for? These are likely simple stupid questions for the right person, but, uh, I ain't him...lol. Took pics of the numbers, the converter, and the area in question. Any help and/or advise would be appreciated. Thanks in advance friends.