Originally Posted by ol'George (Post 55260)

It is not a fusible link
it is a wire wound resistor.
I'd carefully push it together and leave it be.
I see you have another issue with the rubber vibration damper.
They put them there to reduce contact arcing in the voltage/current points.
It looks like someone was not careful while turning the mounting bolt causing the bracket to rotate, ripping the rubber damper and injuring the wire wound resistor.(lesson learned it has happened before)
Repair the ground on the inside as I stated previously, and give it a try as you have nothing to loose the way it is now. Worst case you replace it if it is /goes bad.
Luck!!