QUOTE: I think you guys are misunderstanding his question.. He's not asking how a bov works.
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Right, here is what he asked: "If you're cruisin' down the highway and lookin' for mileage and not boost, can you dump the boost thru a bypass valve so the carbs run basically normally aspirated???"
The answer is a qualified "yes," because you dump it with the aid of a "blow-off valve," not a "by-pass valve." (simple nomenclature glitch.)
This is a hole in the plumbing between the compressor whem and the carb, that is "plugged" for boost by the blow-off valve. When the boost is not needed (part-throttle cruise,) the valve opens, and releases the compressed air to the atmosphere. They're adjustable.
To explain further, the blow-off valve is located on the cold side plumbing and relieves the pressure buildup that occurs when the throttle closes, but the compresssor is still turning fast enough to make boost. The blowoff valve prevents damage to the compresssor by dumping that unwanted/unneeded boost into the atmosphere.... after all, it's just air... no fuel in it.
So, the final answer is "yes."
Hope this helps.
Good question!