To put the valve on the "feed" side keeps coolant from going to the heater core which is good if the heater core leaks.....which you will want to find out one day!
It will help the engine to run a little cooler if it circulates but I'm not sure how much cooler. What that does is give the water a "longer" route to flow and cool off some and the heater core will disipate some heat if that is the intent during a lot summer if the engine starts to overheat.
BUT if you want to stop the water flow all together due to a bad core some folks just take the ONE hose and make a "loop" to where the coolant comes out and then right back in without using a valve or even going to the core.


1937 Chevy Pickup
In the Gallery
1952 Chevy Panel
In the Gallery
More photos
1950 Chevy Coupe
Pictures!

I'd rather walk and carry a Chevy hub cap than ride in a Ferd.
I can explain it to you, but I can't understand it for you smile