So, Howard, in beautiful West Michigan... as I stand corrected, I don't have the luxury of going out to my garage anymore to take a look-see at something to answer a simple question such as yours, "what is this hole for?" My bronco as you may recall is at my daughters house which is ~10 miles away.
So I looked through my archives and found a photo of when I was dropping a new motor in the bronc quite a few years ago. I zeroed in on that area, zoomed in, and this is what I saw.
The hole in question is still a mystery to me (in the yellow circle), but in this case it appears to have a stud protruding with a nut on it. What is on the interior of that is what I will find out if noone else here cares to disclose that sensitive information.

The yellow arrow points to the heater control cable that enters the engine well off to the upper right of the heater box.
Greetings from beautiful Vancouver, Washington.
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