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That will be a carb warming kit.
It circulates engine oil round the float bowls when the tap is turned on. (The lever will line up with the pipe when turned on and sit at right angles when shut.)
The idea is to stop the carbs icing up when the humidity is high and it's a bit chilly...Sort of autumnal type weather, not necessarily freezing conditions.
I've never seen a carb warmer plumbed without an oil cooler, but clearly this is a standard fitment
With an oil cooler the tap is a bypass type, so the cooler is always in circulation regardless of tap position . The tap simply brings the carbs into the circuit as well when operated.
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