You can make that for much cheaper!!!
I've got a bypass valve I had with my vortech kit that im not using, all you would need is some heater hose, clamps and those two fittings(I have one but its a 90*) to have that for a LOT cheaper. PM me if your interested in the bypass valve, just had it laying around.
Yes, its a good thing to have btw no matter what route you go.