OK, I took a look at the 47 wiring diagram and it shows a "reversing switch" that looks like what you're seeing. It is wired between the coil and the distributor.
It's shown on HERE. I'm definitely headscratch on that one. I'll take a look at the rest of that manual and see what it might be for.


Kevin
1951 Chevy 3100 work truck
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1929 Ford pickup restored from the ground up. | 1929 Ford Special Coupe (First car)
Busting rust since the mid-60's
If you're smart enough to take it apart, you darn well better be smart enough to put it back together.