I believe that the 62 was on the 3800 series I engine. The series II and III uses a M90. The valve is a boost bypass that essentially limits or prevents boost when the boos is not needed such as backing up the car, it also is supposed to help gas mileage by not working the engine as hard when you don't need the boost. Some people block the valve closed so that you can hear the"whine" better. The valve just opens a passage for the air to go around the the blower.
[This message has been edited by Ken_86gt (edited 02-22-2009).]