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In-Airid Vent

Picked up an old radiator and noticed this strange looking plug in the top: In-Airid Air Vent, by American Radiator. If I use this radiator, it will be on a condensate zone in the basement.

Anyone know anything about these vents, would it need to be removed if used on HW (non-pressurized - condensate zone from steam boiler located on the same floor)?

1/8 tapping is also there for hot water air bleed valve.