The '74 does have a mechanical tach, unless it has been swapped.
Lonnie is prolly right...I'd have to look at the wiring diagram to say what it is for.
If your tach isn't working, does the HEI dist have the tach drive on it? If it doesn't, the only way to get the tach working is to either install an electrical tach, or an HEI dist with the tach drive.
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