O.K. answered some of my own questions, yes it is sometimes called a shutoff solenoid, yes a few people have had starting problems related to the valve.

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So far...'76 240 D (sold)
'84 300SD (sold)
'85 300D (sold)
'83 300SD (p.o.s. waiting on tranny swap)
'82 300SD (could be the keeper)