So I bought a 1982 z28 and under the dash there is a compartment that has a wire and a screw with a sprint around it, it looks like, and the screw and spring looks like its leaking oil on to a sponge, then leaking over into the flour board. I have no idea what is going on, wanted to know if anyone knew what this was.

Aftermarket mechanical oil pressure gauge?

looks like that hose is capped off with a bolt?? I would follow that hose and plug it up the right way.

exactly what it looks like to me

I'll 4th that. And I'd get to it pretty quickly too. Looks like a disaster waiting to happen...like getting sprayed you with 200* oil, staining everything it hits, losing oil and pressure if you don't shut it down pretty quickly, etc.

I was thinking it was the black rubber looking line that is curled around and laying on the spongy material that's leaking and not the spring wound line running upwards, I guess we need to know which he is talking about.