Good question...I assumed it was a oil slinger of some sort too...
It can't be important though...half the motors I've taken apart have them, half don't...I'm talkin about all injected motors.
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1992 5.0 LX, V-1 S-Trim @8LBS,Edelbrock 6037 Heads,Cobra Intake,E-303,1.6 Roller Rockers,65MM Holley TB, 75 MM Pro M Mass Air, 190 LPH FP,24 lb injectors,MSD 6A and BTM,BBK equal length shorties,offroad h-pipe,Mac Flowpath Mufflers,Pro 5.0, 3.73's,Motorsport "C" springs,welded subframe connectors,Ponies w/ 225/50 Nitto NT 450's on front,255/50 BFG Drags out back,93 Cobra Spoiler
Daily driver: 89 Coupe with 208K plus, BBK shorties,offroad h-pipe,2-chamber flowmasters with dumps,
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