1950 H Engine Block

Have had my H for 25 years. Restoring it, I noticed a nice little galvanized 1/2" hex head bolt sticking out of a boss just below the carb, and maybe 1/2" below. The bolt is sorta jammed in at an angle, in some sort of rubber.
I do not plan on even touching this, it"s been there so long and it is no problem. No leaks or anything.
Any ideas what it is?
 
It is a Shade tree method of plugging the 1/2"NPT block drain. Usually a square headed pipe plug resides in the hole. Jim
 

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