SSG,
Don't pull the oil pump!� Not just yet.
I was hoping your friend left it alone. If not done correctly, pulling, then resetting an oil pump can cause additional issues we don't want to have just yet. It would just complicate what we're all trying to do right now...get this running.
As the others have suggested, over a 65 year life span, wires and components have come and gone. You are likely to find a bunch of stragglers that do nothing...and go no where.� (we all have)
The cable you are holding in your hand may have gone to a starter solenoid, then down to your starter. Your starter looks new...and correct for a 3A, so my guess is that cable got let behind when your Willys was fixed up at some point.
Let's get your Distributor spinning, then start messing with other stuff.

Tim