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Yep.. Thats a plug the factory installs when they build the tranny to keep the crap out of the tranny before it is installed. You can discard the plug.
i wonder how many guys hearts have stopped and nights of sleep have been lost over that little piece of plastic. i remember finding my first one. went into full panic.
Ford has been puting those in transmissions sinse 1964 Just think how many people have asked this question and how many people have tryed to find a place for them and how much money ford spent buying them.