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Depending on the year and your gauges it differs. If you have an oil pressure gauge then the single wire one is the oil pressure sending unit. If it's carbureted the two wire one is the oil pressure switch which operates your electric choke.
I bought a sensor for the 74 motor
QuoteI bought a sensor for the 74 motorNow why would you do that if it's going in an 85? Use the 85 sending unit.