[Gaz64]

No, the four milled slots in the top of your throttle body feed filtered air to the central bore below the aircleaner stud.

The "valve" has four holes on it's perimeter, which allows the air to enter the centre which has a blunt tapered screw residing near it's seat.
It's a simply an adjustable bypass to allow idle speed adjustment without touching the base idle setting of the throttle butterflies.

Best idea for 4 barrel carbs yet.

Pity QFT doesn't offer it.