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Perhaps you could determine condition of unit a little more before throwing a lot of money at it. See if the motor turns free(5/8 socket at front of fan), look for signs of burnt stator and control board components. These rigs are pretty tough and easy to work on once you know their layout...
I agree with Ike, that is part of the switch that locks out starter once motor comes to speed (S7). It should be under the little oval housing with a wing nut in your second picture.
Looks like the fuel return line on top of pump, usually this goes to a 90d fitting and a flex hose.
Looking...
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