Mark, not likely that the "cutout" you refer to was a furnace switch. On models later than sometime in the 60's or 50' the furnace is controlled by the thermostat. The location you describe, if at floor level,
is most likely the vent for furnace heat, but if should have a grill over it. Another possibility, in light of the two wires, is a carbon monoxide detector which I have at that location in my 88 Limited.

That is the most light I can shed; surely someone will give you a more comprehensive answer.

Welcome to the net, Keep asking questions and keep posting us on what  is happening.

Donald WBCCI #2875