You don't have to go to all that trouble. There is an off the shelf power valve plug for Holleys.
Any decent or semi decent speed shop should have one. Buy it and install it if thats what you want to do.
Race engines can run without a power valve but a street engine really needs it. When you eliminate it you have to increase the size of the main jets to compensate for the extra fuel that the power valve used to supply. Now the carb is rich rich at ALL times, not just under low vacuum conditions. If someone got better mileage by removing it then it was leaking by to begin with and now he has a leaner mixture at lower vacuum conditions if the jet sizes were left as is.
HP Books has a good Holley manual for about $25 that will answer any and all questions including when to block off the power valve.
Mike