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I agree with FRED, it appears this is the oil pump drive chain lubrication jet which is installed in the oil pump. This is easily verified by removing the front cover and seeing if that jet is missing.
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1986 GXL ('87 4-port NA - Haltech E8, LS2 Coils. Defined Autoworks Headers, Dual 2.5" Exhaust (Dual Superflow, dBX mufflers)
1991 Coupe (KYB AGX Shocks, Eibach lowering springs, RB exhaust, Stock and Automatic)
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