The valve thing you are refering to is called an heat risor and kinda like you said it help with cold starts. It blocks of the exhaust and forces it up through the heat crossover in the intake manifold and under the carb and prewarms the fuel and then out the LH exhaust.As the engine warms up the spring on the heat riser expands and opens the valve and allows the exhaust out. If you plan on driving the truck any time except the couple of hot summer months I would recomend putting it back the way it was. GM did a pretty good job engineering it to work. The heat risor valve is available new from places like CHevy Duty and Lmc.
With a complete factory system properly put together you should have a reliable setup.


65 K10 Longbox Fleetside Big Back Window Custom Cab
65 K10 Flatbed
Old School Parts 60-66
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