It's a J valve that has the lever, not a k valve, which is a standard valve. It's not an emergency feature. It was there to be used in every dive as an indicator of when the pressure dropped to about 600 psi. When it did air was slowly cut off until you pointed it down with an actuator rod. This is what we did before SPGs became available.That's some relic hardware you got there and it's in great shape. They even have an integrated pressure gauge (the windows with the F, 1/2, E). I would removed them and service them before use but they look in working conditions. I have two tanks with K valve and they work just fine as long as the emergency valve is pointing down to keep the chamber open all the time. Never had an issue (knocking on wood)