Hi BD.., welcome..!!
In '75 Ford went to Duraspark electronic ignition. Yours is a pointed ignition unless it's been altered/up-graded.
That looks like some sort of add-on junction block.
-OR- some sort of aftermarket ballast resistor that drops the voltage to the points.
'75 had a "resistor wire" that runs from the key to the coil.
Look for that wire.., it's usually a bit larger & looks a bit crinkly.
At the end of the day.., you need a resistor wire -or- a ballast resistor in-line
(if the resistor wire was destroyed) to protect the points.
Really nead more info. What those wires go to.
---- Maybe a few more pics of the coil, wires, back side of that object, etc.
(that pic is a bit blury.)
I would clean that (object) up with some limeaway.., & see if there's any markings on it.
If it's a volt-drop resistor.., it can be re-used if needed.