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Yes that is the part, it starts off white but in time yellows. Remember to clean that (green?) damper out with some carb cleaner or equivalent. Probably not a good idea to clean the bleeder valve though, normally is what is stopping it from leaking. Well other than just taking out the black line and using your vac gauge there to get the previously mentioned values while running after shutting the car off take all the lines off the top and see if you can get it to hold 14"hg, odds are it leaks which is another bad sign for it.
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