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No the tip valve as you call it is on the fuel feed line to the pump. The one on the vent line is the check and cut valve. It also may have rollover protection though I cant remember. The check/ cut valve must be working or you will have fuel problems. Its designed to limit pressure differential from the tank to atmosphere. If the tank gets warm and builds pressure up, it vents it. Also as you drive and the fuel level drops it lets in air so the tank pressure doesnt drop. You could route it to the air cleaner, or put some sort of mini filter on the end of it. But yes do NOT cap it off.
FWIW, when you open the fuel cap and hear a whoosh of air, that means the vent system is not functioning properly.
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