Looks like a Lubrifiner. Used quite a bit on medium and heavy trucks back in the day 30 plus years ago. I think they were add ons there also. They don't require frequent service and if never serviced on your tractor I don't think it would be a problem. A old trucker or truck mechanic should be better able to answer than me.
The line in the side of the block is the return and should be straight into the crankcase. Although I have owned a couple I have never diven into a F20 engine but is the plate the return is going into for a fuel pump when equipped with one for other applications?
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Today's Featured Article - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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