Brake Metering Valve

Hi all, '75 Vette. There is a metering valve below the brake master cylinder that meters brake fluid to the different wheels and has an electrical contact for
the brake light. On the side of this valve is a small rubber diaphragm about 1/4 in. in diam. There is a pinhole behind this diaphragm where brake fluid is weeping out and past the diaphragm. What is the purpose of the weep-hole and the diaphragm ? The diaphragm popped out and I had a terrible time getting it back in place. Don't know how long it will remain in place now. TIA
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The diaphram covers a plunger that you push in order to bleed the brakes. It allows fluid into all 4 calipers when normally you would have to have a certain amount of pressure on the front calipers before the back would get pressure (or something like that).
The leak implies you need a new metering valve. I do not think these are rebuildable. New ones are fairly inexpensive.
Vito

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