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I don't think it does anything else. I converted mine to electronic VSS and didn't have to do anything extra. Pulled those parts and plugged the hole. VSS used a new hole in a different location, tone ring replaced the big gear on the tail shaft.
Im using mine to send vss signal to the vss box in the factory speedo cluster for tbi.
The one im working on for a buddy uses the early output shaft and will not accept the newer tone ring vss parts according to ORD. I did however find the seals for that threaded adapter so hopefully it wont leak. If it does were putting that plug on.