it is the idle air adjst valve for the Air Conditioning System, you adjust it to turn the idle up when the A/C is on. its not used for emissions its used for AC http://www.toyodiy.com/parts/p_U_1994_TOYOTA_HILUX_RN80L-TRMREA_8717.2.html?hl=88691C 88606b is the part you have in your pictures.
It's also an adjustment for the power steering pump on some models. You adjust it so the pump doesn't drag the motor down when your sitting at an idle or trying to parallel park... I believe it's the auto models where this applies...
Yeah... how do you adjust it though? My idle gets low when i'm in gear, on the brakes (and/or Parallel parking) and it dies sometimes..
Turn it out a few turns bro and then give your wheel a whurl and see what happens... Fine tune from there...
thanks for the help guys i ordered one from the dealer and will be getting it monday so than i can finish hooking up all the hoses and than off to the wiring and than firing it up and seeing how she runs