i had this valve fail some time ago in the middle of town, its split, and i was stranded.
so i replaced the valve with the straigh brass fitting pictured below:
This is a popular mod with the BMW boys as far as im aware. i was reminded of it last night whilst reading a build thread on PH, so i took that pic today.
it is located on the firewall , next to your abs pump. Basically, it restricts the flow of fluid when bringing the clutch up, to sort of 'dampen' the clutch, hence the name 'clutch delay valve'.
in bypassing this you will notice a sharper response from your clutch, feels very good, alot more feel through the pedal.
Just putting the word out there for people to try it.
over and out