According to the MPC, it fits 302's and 351's. I don't know alot about it, but it does mate with the 2 and 3 pin molex connectors in and around the 70 fusebox. It gets power from a RUN-only line, and I suspect it does something to address anti-stall or emissions. The Osborne Assembly Manual only has a deleted page showing it without part numbers.
Yeah, this is the first one I've run across in nearly 150 underdash harnesses from 1970. I have no real idea as to its rarity or if desirable.