Shran
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Solid Axle Swap
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It's not a fusible link and it doesn't hold a fuse. Its only purpose is so that the negative battery cable can be removed without cutting wires. I guess I can't tell from the pictures but it looks like that whole thing is pretty bunged up, like they usually are, but if you have a complete path from the negative battery terminal to ground on both wires, then it should be OK. Can't tell you how many wire nuts and weird stuff I have seen on those. Those two wires provide ground for the fuel pumps and a bunch of other stuff so they are pretty important.
Fuel lines can be fixed with a nylon hose repair kit or you can cut the plastic lines off of the end fittings and use high pressure rubber hose, it MUST be rated for EFI service if you're putting it between the high pressure pump and the engine. Anywhere else, including the return side, you can use low pressure rubber hose. Try to limit the amount of rubber you use though, it has a limited lifespan these days and it's carrying gasoline... metal or nylon is better.
Fuel lines can be fixed with a nylon hose repair kit or you can cut the plastic lines off of the end fittings and use high pressure rubber hose, it MUST be rated for EFI service if you're putting it between the high pressure pump and the engine. Anywhere else, including the return side, you can use low pressure rubber hose. Try to limit the amount of rubber you use though, it has a limited lifespan these days and it's carrying gasoline... metal or nylon is better.