Corvette: Valve at exhaust manifold, + or - ?

I´m trying to figure out the mysteries of my C3, and at the right hand side
exhaust manifold, there is some sort of valve with a counterweight, at the
bottom end of the manifold, and with rising RPM it will open for a larger
flow. I know similar but more advanced valves from motorcycle engines, where
they give more bottom torque, but is that also the function here, or just
for noise reduction ?, and will I lose low end torque and gain top end hp if
I remove the valve, (and why only one at the right hand side ??)
Bjarne

As long as it is opening, it won't hurt a thing, and will help warm up and
pull off the choke, Alot of people want to get rid of it and the possibility
of getting heat to the manifold for better performance. If you keep a stock
type of exhaust and are worried about it not opening all the way or staying
closed just cut the two flappers on the inside out and then reinstall it.
The stock exhaust system needs it for a spacer on the right side. To
maintain its usefullness just spray alittle lubricant on the rod ever once
in a while. Also new heat risers are available thru your local parts store
or specialty places like Mid american.