has any one ever taken the red plunger like thing out of a bad cap and used it that way .I ordered one and it might not get it before weekend.

What is wrong with it???
The red valve is a one valve that lets air in and won't let lube out......usually won't let air out either.

I was told ,air moves both way .1 of my caps do that the other dont and I noticed the bottle holding pressure

On mine, air goes in but not out. It always has a slight pressure on it if opened after a long run. I like that action, as that means the drive is also under slight pressure, and any leaks will be out, not water in.

Mine went bad and leaked oil out of it .
If i remember theres 7 lb of pressure
when running

If you run it without the valve, you will probably spew fluid all over the place, if it gets hot.

Thanks ,new ones installed