here's a link from MJ's issue with his
http://www.wellcraftv20.com/communit...ead.php?t=7580
ok tool time
this is a V4 motor but same exact part as V6
here's the valve
here's where it gets water from when it's under 3000 rpms
here's where it is going to under 3000 rpm
here's where it goes above 3000 rpm out to the pisser on the lower housing from the above pic
here it is under 3000
here's above 3000
first you need to remove below screws and nuts
then GENTLY pull out on the throttle arm till pin is out of the valve
now GENTLY pull out till accessible
now mark a location of the center part to out side so you replace correctly then pull out slide pin
then pull out the insert carefully
heres the valve taken out
clean this part very well
here's the inside of the valve with a seal in this ones case some have o-ring
you can grease the rubber seal if in good shape and then light grease on the valve and reinstall usually stops the leak.
or you can use the cap covers as below better to use the bypass system
