Wiring help

That's part of the smog system and can be completely removed also.

Hold on, maybe not.
It looks like on your car the ignition module was right next to that and it has the right colors to possibly be part of the ignition (like a ballast bypass or possibly something to do with the electric choke or both)

I bet Del would know exactly what it is for.

I'm thinking EGR solenoid control.