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Join Date: Mar 2007
Location: SF Bay Area, East bay
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Bikes: Miyata 618 GT, Marinoni, Kestral 200 2002 Trek 5200, KHS Flite, Koga Miyata, Schwinn Spitfire 5, Mondia Special, Univega Alpina, Miyata team Ti, Santa Cruz Highball
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That is the cable stop for the ieft front shifter. Yes, you need to flush it with a solvent or wd40. Apparently the pawl is stuck. Hopefully you haven't damaged it by prying on it.