OK, so I picked up another valve (fits inside the base of the air cleaner housing and controls a vacuum damper in the snorkle of the air cleaner, duh) a a salvage yard for a couple of bucks.
When it tested it at home with a Mighty Vac hand pump, it didn't work either. So now I had 2 non-functioning valves.
Basically, its a just a blue plastic housing with a small brass vacuum chamber in the bottom. A bi-metellac srping controls a rubber dome shaped washer which, when open, bleeds off the vacuum.
There are 2 brass tubes on the bottom. The one conntected to the engine vacuum has the large opening. The one to the bellows has the pin hole opening.
The spring and washer don't wear out. What happens is the tube with the pin hole opening gets plugged inside. Take a small drill slightly bigger than the pinhole and gently drill the crud out of the tube.
Dont't drill thru the brass plate that forms the top of the vacuum chamber. Once the crud is out, things should work again. I repaired both of the valves I have using this method. 
