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The more I read about this unit the more I think the best thing is not to touch it if it is not leaking and not to worry about centering the shuttle valve just unplug the wire or pack the switch out to stop it bring the warning light on.
When it comes to bleeding the system just bleed the two front calipers and then do the rear and forget about the shuttle valve as it does not shut off either of the brake lines it just separates the two lines. The important thing is to monitor the brake fluid level so that you get a warning of any minor leaks.
A couple of years ago my callipers were reconditioned and at the same time this valve was stripped and checked. It was all ok so put back. Then getting the light out when bleeding was impossible, just couldn't get it to centre. Two man job over and over trying to set it. Light off shout to shut nipple, light back on. Gave up. I put a spacer washer to bring the micro switch out of the shuttle and left it. I have replaced the hoses this year with braided ones and again no problems bleeding and the balance is not affected at all.