That's your PS pressure line IIRC. I replaced all of mine and I have NO clue why GM thinks they need 20' of hose to go from the pump to the rack... My new one actually makes a loop between the motor and firewall where yours is and it sits right beside my header. Just keep an eye on it. It's a PIA to loosen the nut on the pump so the line will move and even then I'm not sure if it will make a difference. If you are concerned, maybe some header wrap around the line? I don't think that would cause KR issues though...
