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Recently purchased a '73 and noticed there were standard plumbing type "shutoff" valves midway on the heater hose coming from the water pump, and the other off the intake manifold. I realize these were likely placed there to keep heat away from the passenger compartment, but can I shut these both to off? And if so, will water continue to circulate from engine to radiator with these two hoses blocked off?
To be clear, there is no bypass between these two valves that would allow the water to bypass the heater core. These two valves are independent of each other.
Other than the lack of heat to the heater core, this will not have any effect on cooling. You may find if you open the valve that your heater core leaks. This is very common and also a very unpleasant repair.
Even with just one side open.. the heater core will eventually get some heat.. close them both. Napa sells a heater valve (i think for an Explorer) that will not only close both sides.. but allows coolant flow as a bypass between hoses when closed.
Alternatively you can cap off the heater line ports on the water pump and eliminate the hoses altogether. (I'm in FL, wtf do I need a heater core for. ) You can get the brass plugs at Lowes.