Dave - I'm not certain it was an "item" specific to a 1972 Oldsmobile (of any particular model) versus any other automobile manufacturer in 1972 or any other year. Many batteries had that label or one similar to it attached to new batteries, obviously as a warning. I think of them like the DO NOT REMOVE tags on bed mattresses.

 

Norm, tell me you didn't. Oh the horror.

 

The instructions are for the manufacturer. You can remove them. My friend hooks up her "RTFM before using the Lightning Rods" label when showing her H/O.