Yeah it does go down thru the intake and into the block thats why I was wondering.
This is the first old Vette Ive owned, in fact the first old Chevy and it looks like it could be for water or oil but it has an oil type of cap on it, not a radiator type.
If it's for oil I wish Id have found out sooner because I was doing an oil change and I have the finned aluminum 69' style valve covers and the cap on the valve cover was literally stuck on so I gave it just the littlest bit of pressure and the inner neck just snapped off! GRRRRRRR!!!!!! Now I have to go and buy a new valve cover. The inner neck was all scored like someone some years back someone forced a cap on that was too big or something. M/A has'em $150 w/o shipping, life is grand, lol.
Peace,
J.