Couldnt hurt to wrap that wire with some electrical tape, but its just a ground wire, so it doesnt really need anything.

I couldnt find that bolt on the parts diagram here. Maybe it was a grounding post for something else?

http://www.toyodiy.com/parts/diag_ANnuVn.png

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88 4R, 350 V8, R150 5 speed Sold <...uot; />
97 4R, stock, daily driver
98 Sienna, kid and dog hauler, wife's ride