leftover part after timing cover change 273

Does anyone recognize this part. Looks important. Just buttoned up the timing cover change job on my 273 and found this part. It has a 5/16-18 screw w/ hardened 5/8" dowel. I know it fits a counterbore on the block somewhere. Got engine running..next morning a few cups of water under car but not sure if the two are related. All water jacket bolts got sealant.

View attachment 1715129718
Sorry it is not from the car. Checked the thread closer and found it is M8x1.25 so let's put this thread to pasture.