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Found this guy under the battery tray while I was cleaning the engine bay. I know it part of the ignition, but what's it's function and is it adjustable in some way?
Someone went to the effort to hide the ignition control so the car kept a stock look.
Mopar started using that style in 1971 on the 340 and it was standard across the board by 1973.
Appears to be an aftermarket Electronic Control Unit (ECU), note the Chrysler numbers it replaces, they appear to be the OEM type part numbers. Some aftermarkets imitated the Direct Connection orange box style.
The electronic ignition can fire the plugs more consistently and usually better than an old points system. Generally much better plug life too. That is the stock replacement version, not a HP style.
A '66 Hemi will likely see a significant improvement over points with an ECU designed for HP use, like the later model Mopar Performance(Direct Connection) Gold or Chrome boxes. Other aftermarket ignitions are widely available. The electronic distributor is a MAJOR upgrade. Far superior to points.
I can't see the reason why not. Except if the batt leaks, which if it does, the major problem is the batt itself and not the ECU location. And is owner's responability to take care of that before affects in any form the ECU.
So, still with the tipical ECU location at firewall, ( A bodies actually on inner fender ) and batt leaks, the problem is the same, the batt, which must be replaced before affect the sheetmetal integrity anyway.