Bubba,
I don't really know. It seems that such a question came up a little while age. It may have something to do with the clutch return. Can't remember.
My best guess would be that it's to hang a bucket on so that whenever the car encounters a bump (any bump, no matter the size) it will catch the oil dropping from the old 216 engine.
You see, if one catches enough of the oil, one could then strain it through a doubled up shop rag (maybe twice to get it right clean lookin') and then dump it back into the engine. Sort of making your very own filter. Time intensive, sure, but thrifty given the cost of oil and helps the environment, too. You know.
Please share the answer, if it comes to light.
Best,
Charlie
BTW: One would need several stratigitically located buckets in order to catch enough for it to be fiscally worthwhile. One can detect the pattern by eyeballing the garage floor or, if from Tennessee, where the weeds have died. Just kidding.