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I believe what you are seeing is a fusable link; installed there to burn in two before major damage is caused by an electrical overload. I think it is shown in Fig.6 page 22-10 (1966 shop manual) and only identified as "FUSE ASSY". [Shown between ignition switch and 60-AMP CIRCUIT BREAKER] Also mentioned in part 15-5 under "circuit protection" (second from bottom of chart.)
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