I personally don't believe it will be effect with its current placement. I would lower it to the Tee and elbow( other return). This way itll have more back pressure. Optimally(if you have room). Would be to place it after the manifold(if you are running one), but before it split to your 2 return. This is optimal, bc both return will create more pressure on (1) CV compared to (2) CV.
Drilling the return nozzle is my personal choice as I am not a big fan of CV
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