First, thank you all for the help you've given me thus far. I'm not sure where else I'd have found to turn for the help I've gotten here. You really have helped me solve a lot of problems and kept my stress lower than it would have been otherwise.
No, this do-hickey is supposed to be the mechanism to remove water from my cooler. A previous owner re-plumbed the cooler drain into the bilge. Fortunately , when he did it he tee'd off the pre-existing line and installed valves. So, theoretically, this should still work to empty my water of melted ice. Trouble is - I don't know how to work it. Thanks for your help . . .