Can someone tell me what the part with the hole that is just right of the alternator? It's rather rusty. Is it missing something or something wrong with it?

 

Perfectly normal (and factory), that's an engine lift bracket.
If you were using a chain/engine lift (cherry picker) that's one of the brackets that you would hook the chain to.

 

Exactly.

Feel free to pull off the power steering pump to get that bracket out so you can clean it up and paint it. But seriously.....don't.

Your profile says you're from Atlanta so you don't know what rust is. That's not really rust.

 

Thank you for the replies!!! I'm looking at a Disco 1 that I might try to purchase. Just wanted to make sure it wasn't anything bad.

 

You want to be looking for rust underneath the truck (frame and body, those shock towers up front poking into the engine bay), in the door jambs (particularly rear doors and back door) and the roof (which is steel - rest of the body skin is aluminum).

 

Are you refering to the rusty hole on the bracket or the hole down on the engine block (two holes actually). If the later, that is where the distributor would have gone before they converted to GEMS.