Holy belinda, that thing looks like it came off the Titanic....
anyways, a coulpe of notes.
Looks like there is a (part?) number on it. Your GM parts guru would be interesed in that.
The temperature switches, and thermisters all look the same for the Turbofire V8s. Your granny's 72 307 Nova had a same looking switch.
What is the year of the engine it came out of, (amusing its an original part), what is the casting date code on the block flange? for reference.
Whats the ohmeter read?
As for teflon tape....
If there is so much tape on it to cause an open circuit, you got too much (######) tape on it. The tape is suppoed to just seal up the gaps, and the threads should be biting metal to metal. But
@RayVoy brings up a good point, I have seen such things....
A lot of guys do not like teflon tape,
However if it were my truck,
Id clean the theads up (so they were mint) and use just one layer, about a wrap and a half of teflon tape and be (very) careful so as to not to get any tape into the water jacket. Many will tell you to use a thread sealant just for this reason, and its a (####) good reason.