I searched my C-6 diagram from my Haynes Ford techbook & can't find any part that looks like it. I posted a diagram of the trans but the pic I posted was of the C-3,4,5 trans. So I deleted the post.. Sorry I can't be of more help.
Thanks for the input folks. I bought the car back in October and have been slowly going through it all. This is the first time the pan has been off as it only has 29,000 miles on it. I'm glad to hear that this part isn't something vital that will cause any issues. Caught me by surprise when it was floating in the pan!!!
I have the original Ford shop manuals and it is not listed in them at all.