On your web site you have the link asking if anyone can identify what the picture is, its a boost controler the red line vac under your hood connects to the controler so when your driving you can raise or lower the boost. Instead of having to pop the hood ever time you want to change your boost pressure.
First things I would do is tear down the top half of the motor, clean it up, fix all the ghetto wiring, replace all vacuum hoses, give it a complete tune-up with Motorcraft parts ONLY (believe me when I say Motorcraft ONLY!) and get yourself a Gillis boost valve. http://www.boostvalve.com/moreinfo.html
Once you get it running right and see the kind of power it has, that will motivate you to finish everything else! Good luck!
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