Well spotted! Like you said, it's good to start there and see how it goes.
Given what happened to me with that same weird-hidden-plastic-valve-thingny.... I do however have great confidence this is your issue as well but then who am I to tell for sure. I'm not a pcar expert at all.
It would certainly be interesting to see your follow-up when your valve is replaced. Sure this will help a few Tip drivers....
Best of luck mate
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