Does anyone know what the hole to the left of the oil pressure sender is for??

I was replacing the oil pressure sender on my 1989 mustang 5.0 when I accidently knocked a plate off this hole. It was very badly attached by a previous owner and I have no idea what belongs here. I found pictures of what goes here but I have no clue what it is or does. I’ve been running my engine fine without this piece (circled in green) and I‘m curious what it does. Right now there is just a hole in the side of my engine and I can’t run it right now. The previous owners completely took the engine and interior apart and didn’t put anything back correctly. I’m slowly getting things put back together and appreciate any help!
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Old mechanical fuel pump . Someone changed your timing cover at some point and it has provision for it . Just put the block off plate back on with some rtv and call it a day
 
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What are you putting that engine into?
i ask because it appears to be a early 289-302. At least the valve covers, timing cover and exhaust manifolds are early model stuff.

the pictures aren’t my engine haha. it’s just something I found online. this is the engine in my car. it’s a mess right now but it’s in an ‘89 mustang
 

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