This, whatever it is, is located in the bottom part of the thermostat bowl, is disconnected and there is no thermostat. I am thinking that I'm going to to remove it and use the hole for a temperature sending unit (an extra one).
that is a bi-metal vacuum control valve I be thinks. Obviously you are desmoged. there is two from the factory. One is for the evap system? and the other for heat riser?? I dunno, I retained the evap one after my desmog and did like you said and ditched the other in favor of a mechanical temp probe.
That's the remains of a Bimetal Vacuum Switching Valve (BVSV). In stock configuration, it has a vacuum source from the advancer port of the carb. It is supposed to remained closed till the engine warms up some (fsm says 111 degrees F). When it opens, it allows vacuum from the advancer port to the main vacuum advance diaphram of the distrubutor.
There's another BVSV underneath and behind that one that controls vacuum to the choke opener.
Hope that helps,
Butt
Edit: Sorry, posted in too big a hurry. The BVSV's have multiple purposes: advance system on distributor as above, controls flow of evaporated fuel into intake manifold as effjay60 eludes to, control of EGR vacuum, and the choke opener, maybe even more if I dig deeper into the FSM. I gotta go to work now though. Sorry for the rushed post!