While tracing wires I found this hanging near the oil cooler. It looks like some type of thermocouple or maybe a steel cable? It goes into a tube that looks like original install.
Still waiting for delivery of tech book with 700 tips. Should arrive next week. Anyone know what this thing is hanging?
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It’s a cable that goes to one of your heater flapper boxes. Based on your picture though you don’t have any of the heat components installed.

Heat is on my to do list. Thanks.

Just wondering about the circled in red.
Did someone recommended to cover this? I believed there is a thread about this that should not be totally blocked the hot air that is coming out from it. it will recycle back to the engine and it is a warm or hot air.
Not sure but that is I remember.

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No. This is a block off needed when you remove heat exchangers. There may be threads that say otherwise, but if you open this up, cool air will dump underneath the car instead of going to cool the cylinder heads and cylinders.
Probable best solution is to refit heat exchangers. In the meantime, leave blocked for proper cooling.