Firstly: I found a cable with a spring-like attachment just kinda chilling under my seat.

What is this magical little cable-spring-thingy that I've come across?
Next: The bike has been sitting for a few years, so I'm working on cleaning out old fluids and whatnot. What all should I be looking for with a bike that's been sitting that long? I've replaced the battery, emptied the old gas, I'll have my carburetor rebuild kit in the mail tomorrow, fork seals in the day after, oil change will come after that, coolant checking will follow somewhere in there, and checking/oiling of the chain will then follow that. Other than all of that, is there anything else you guys can suggest doing?
At some point I will have to get some advice on what to do about my rear swing arm and brake mounting issue, but I want to get it purring before I start even worrying about that bit.
A tidbit of information on the bike that may or may not be relevant:
1994 FZR 600
FZR 400 aluminum frame and swing arm
K&N air filters (Surprised me a bit when the air box wasn't there like I expected. A welcome find, though.)
Yoshi slip-on
Appears to be factory Mikuni carbs
Everstart ES12AA battery
And everything else seems to be factory except the dirt and spider webs, which I'm betting on being aftermarket.
I have lots of other small issues I'll need help on at some point in the future, but any advice you guys could give on these would be greatly appreciated. Thanks.