Alright last time I was under the car, I was looking around to see if anything looked out of the ordinary. I noticed what appears to be some sort of leather strap that is broken. I have no idea what that part in the picture does, but I am sure it is not important. Just wanted to make sure, and see what that part actually does. Thanks.

 

IIRC, that is just for shipping purposes. It's a retaining strap that is made to "break" once you use the clutch. It's been a while since I put the new slave in though.

 

Don't worry, that's supposed to be broken. Racer J is right, they put those on during shipping. They say to leave it on, and the first time you use the clutch it'll break the little straps on the sides. The plastic part on the tip of the slave cylinder rod is supposed to prevent metal-on-metal contact between the rod and the clutch fork.