That is called a temperature compensating resistor and it is used to regulate the speed in which the choke opens, quicker when it is hot out, slower when it is colder out. Your choke should be wired to that and the other end should only be hot when the engine is running, it goes from the key switch thru the oil pressure sender, which will send juice to that resistor when you have oil pressure. At least that is how it worked on my 87 Diplomat.

As for the serpentine vs v belt setup, the AC compressor has that as part of the clutch assembly, not sure if you can swap them about or not.