Looks to me like that part sticking out is the end of the speedo cable that has broken off the cable. I think that model didn't have a screw on connector
but a clamp on type due to the hold down foot beside it, like a distributor hold down foot. Look again!
Thanks to all. Once I cleaned the grease out of the way the problem was obvious. Yes, the plastic piece the cable screws onto is broken off. I went by a local transmission shop and picked up a replacement.
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