George ,
It is an ignition advance /retard transfer lever that is bolted to the engine side of the firewall .
There is a rod approx 14 inches long attached to the short end of the lever that connects to the clamping plate of the distributor .
A cable from the "I" knob on the dash goes through the firewall and is attached to the long end of the lever . When the "I" knob is pulled it moves the distributor , thus retarding the ignition.
I hope this explanation is clear enough .
If not someone with a 401 can post a photo of it insitu for you.
Geoff
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