Yeah, it's definately the Air Suction Valve. Apparently it allows fresh air into the intake manifold to assist the cat or something, also purges exhaust back into the intake when the exhaust valves are open.
I took it all of and ran it with nothing covering the hole, sounded like a tractor! :-)
I've now plugged it and all is well.
Until I get the weber on I decided to put an intake on the stock carb. Will keep me going for a few months. :-)
Sounds sweet and goes good. I didn't really do it for a performance increase, just wanted to get rid of the dog ugly stock intake.