That is a vacuum-operated safety switch. If the engine over revs, or 'runs away' the extra vacuum pulls this switch closed, grounding the coils, thereby shutting down the engine.
Now you know about that switch, So here is the rest of the story, Buy some 2 x 8's and make room around the house for outboard stands,, there is no going back, It is an addiction stronger than any known drug, there is No rehab or cure available! only the fix...one more just oneeeeeeeee more...so sad,,,,,