Air bypass valve/vapor valve

gbradleyb

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https://ibb.co/bZP8Ov

I believe I have to move this to manually rotate the engine to get to the drain on torque converter. I don't remember doing this on my 94 when I drained torque converter. I searched part number and it says it is an air bypass valve or vapor valve.

Can anybody tell me what this does? Will I have any issues if I remove the line connected to it?
 
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