Hey Jaunty, your wonderful Custom Cruiser looks so happy! Finally clean and out in the sun! Awesome! David :2_thumbs_up_-_anima
Modesty in our 'body-off, naked-as-a-jay-bird' wagon retirement home! Gorgeous wagon! Seems we skipped this question altogether. The copper 'bulb' goes toward the block (source of super hot water), the spring toward the rad. That housing looks cracked where the 2 holes are separated by a thin web. I'd get a new housing, unless the other is in better shape.
The various auto parts websites call it a water valve or water outlet. One place called it a thermostat housing. Although I didn't notice any problems with it (no leaks or anything), I did go ahead and replace it with a new one since I had the radiator out and was replacing all the hoses, anyway. It's on the car, no leaks now that I used some gasket sealant along with the gasket, and we're up and running again. Today's mission, should we decide to accept it, is getting the bumper back on. It's already 35 degrees now with the sun bright and shining, and it's only 10 a.m. At this rate, we'll be in swimsuits by 3!