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It's on the passenger side exhaust manifold. Looks like some kind of open/close valve.
Heat riser. Closed when engine is cold to force hot exhaust through the intake manifold under the carburetor to run better and warm up quicker on those cold mornings. Most likely not needed in SW Florida. LOL.
I see your engine block is turquoise. What model and year is your car?
72 GTX RR 440 4spd 4bbl
I wired mine full open and rendered it inop on my first Road Runner back in '69. Thankfully it had been removed in my current Road Runner before I purchased it. It is pretty much an early (and poor) attempt at emission control.