YES< that is you oil pressure sending unit, and the switch to kill the fule pump when the engine dies for any reason....fail safe device....
I would leave it and the attendant wiring, as ONE of the wires goes to you oil pressure gauge....maybe two of them.....
and the switch function will have to be thought of when you figger out about what sort of/where the fuel pump will be.......the TBI pump runs nearly ten+ lbs pressure, way too much for a carb....so you either change the pump or stick a regulator in there......OR go mechanical.....
I did a TPI on my '72 here, about 15 years ago....and have worked on a few sharks over the decades....