Timing cover pointers

I am in the proscess of putting back together my 306 And I have a timing cover that resembles this one: http://store.summitracing.com/partdetail.asp?part=SES-5-60-04-201&autoview=sku So my question is I would like to know what the "site" looking thing is for on the lower left of the timing cover where it bolts to the pan. I have noticed that some 87+ do not have it... Mainly because I want to run a timming pointer. And was wondering if this is for a timing pointer.
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