I have a similar thing on the thermostat housing of my B engine.
I was looking for a proper plug as the thermostat housing came with more ports than I need for my engine/gauges, but couldn't find the right thread/pitch so I used a sensor even though I didn't plan to plug into it. I know there's an oil pressure sensor that ties into the EDIC (which was removed on my application some time ago, and I'm not going to replace it) that shuts down the engine in case of low oil pressure. I don't know if there's a similar function for over-temp.
Bottom line is, in my thermostat housing there are more ports than I need wires for and the easiest way to plug one of them was with a sensor, to which I did not connect a wire - because the wire that feeds the stock gauge cluster is fed from a different spot.
HTH,
Travis.-