Usually the clip that contains the pink wire (BAT/PWR) also has a white wire next to it.
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As you've already guessed, the connection on the outer socket that is labeled TACH is an impulse signal from the distributor. It can be used to power a tachometer, provide engine speed to the ECM (if applicable) or operate a transmission speed switch - any one of these or a combination of components.
That white wire is how the signal is lead out from the distributor. In my experience, there is always a white wire next to the pink one - maybe yours was pulled out.
But to answer your question, yes - if you connect a lead to the TACH terminal on the outer distributor socket it will allow you to run a tachometer.
Unless the truck came with a tach, it (the impulse signal from the distributor) won't be run to the dash. But the installation of an aftermarket tach is easy.
See figure "C" below. It shows the wiring connections for a common Autogage tach to a GM HEI distributor:
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