That's an OEM Bosch bypass valve, am pretty sure I included it when Terry got the discharge tube from me. They can be found in JY's on Saab, VW and Audi turbo cars. They are a 1" style valve and might be a little small for Terry's 3.2L if he decides to run high boost. There are lot's of aftermarket replacements for this valve.
The Bosch valve is known for having some leaking issues at idle and not holding closed during high boost; many of the aftermarket replacements claim to have addressed these problems. The idle leak isn't a problem with recirculation style systems as Terry has, but if used as an atmosphere blow-off, the leak can be problematic if its downstream of the air metering.