Steering lock cars use a separate coil. Are you using this type? If so the armoured coil is redundant. Seeing as it looks as if you have the early type steering shaft with the doughnut, does your steering actually lock?
If the armoured coil is redundant you don't need to access the single red wire inside the cable. If you did want to access the wire to get a positive feed for a dizzy that needs both pos and neg you can carefully cut a hole with a spot weld cutter (because it's flat)in the centre of the coil cover under the dash to allow you to solder on an extra lead to the dizzy. Repair hole with a grommet. Drill to the minimum depth to cut through the cap.
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