ok that wire is black not gray is actually black... should go into the bunch of black ammeter wires.
I see that blue "clip". Thats a dual male/female packard 56 terminal used to make a "splice" or bypass to make a chain of connectors. I only had seen that plug used to the iddle stop solenoid at carb. That plug could be very well also related to the rear glass defroster. I never have sen personally the rear glass defroster system but on diagram shows a blue wire used on circuit, mostly sure to make the system just to work when car is in RUN ( blue wiring system is related to the RUN circuit ). Id like to see that system personally someday... where is the switch ( I guess down the dash similar to the blower kind defroster switch ) the pilot light etc...
SOMEWHERE into the underdash harness ( mostly sure close to the brake pedal switch ) you must have hanging around a blue wire with a female packard plug to conect it here. It used to be used when you got the electric trunk release system too.
since you have the diagram book for 74 ( which is not easy to read like earliers ) check on the legend page the conector CI64... this conector is shown on 21th sheet of the 74 diagram ( line G5 20DBL*... which means is blue traced white wire )... coordenates 82 B. It could be very well that plug.
I don't have the legend page with me to check it myself, just the diagrams scanned... my Factory service manual with the diagrams is in Venezuela with my car and I'm in Spain at this moment.
the device you are pointing out with the screwdriver is the voltage limiter. The U shaped prong setup gets a black wire to give the input signal and also gets a noise supressor condenser.
About the "cut and tape deal"... will dig deeper into that because I know why it says that ( already analized that ) Basically is because the bulkhead conections were bypassed when using a 65 amps alternator, being the ammeter wired with wires coming from firewall with a grommet ( bulkhead conections are weak to hold the load of some accesories like the electric glass defroster ), but will find the way to explain this wiring to you better. Is late now for me.