It's part of the accessory lighting package. If you look at the picture of the ignition, you can see the housing for the bulb. This would provide light so you can find the ignition switch without ginking your woodgrain with the sharp key. Along with this was a light for the ashtray, and probably something else that I can't remember. I never had a car with this set up, but they appear in fullsize and A body cars.
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