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center of photo, it's the size of a small salt/pepper shaker with 2 wires going to it.
it has 2 black zip ties on it, looks like something that's been added to the ignition, but what is it??
1977 F250 4x4, 351 engine, 4 spd trans.
Doing some tune up stuff on my "new" truck, accel pump on the carb, plugs and plug wires... this thing throws me for a loop... not sure if I should remove it or not.
That's a shade-tree version of a noise suppression capacitor. It looks like the person who installed it made a very poor decision by using a tee-splice to hook onto your crucial coil wiring. You should repair that.
Assuming the tee splice left the wiring punctured, I would replace the wiring (new horseshoe connector), or at the very least patch it with liquid tape. This wiring is unfused; you also don't want it to corrode.