This is the seal that "wraps" around the shifter shaft inside the car. It is a split seal on the shifter bezel, mounted from inside the bezel, located to the right of the gear indicator. Normally the seal is made of an obsolete type of "rubber" and appears to be melted after sitting in the elements over the years. The rubber is VERY messy and hard to clean up, but once it's clean you will probably find the metal bracket held to the bezel with two rectangular push clips. The metal bracket was apparently what was used to form the seal to the shifter bezel.
I HAVE FOUND A SOURCE FOR A DIRECT PROPER REPLACEMENT!
SSC Enterprises (sscenterprises .com) is a Mustang II parts supplier, but the shifter bezel seal he has listed is the same one used for the Pintos!
I ordered one and received it today. I have it installed on the bezel and it fits PERFECTLY! I will post pictures tomorrow, right now it is to dark to get a good picture.
I will be contacting Scott (the owner of SSC Enterprises) to inform him that it truly does fit, and he will probably be listing it under the "Pinto Parts" section of his site afterwards.