Yeah it could be refererred to as the warmup valve, it's located on the right-hand end of the block below the distributor. It has a couple of fuel lines going to it and an electrical connector, testing it is difficult though as it requires you to put a pressure gauge in one of the fuel lines, best left to somebody with the proper kit. A replacement warm-up regulator would set you back about £85 last time I checked.
Still assuming you have a k-jetronic though???