IF you have such a device - Air diverter valve is for the Catalytic converter - or lack of one depending upon year - for the diverter has some history even going as far back as AMC days.
There used to be an air pump that took in air and pushed it into the exhaust stream just past the outlets of the exhaust manifold. It's supposed to provide enough oxygen to keep the burn process going - so the air added a length of time to burn the fumes off and lessen the emissions.
So from that standpoint - Ford did something similar but uses a diverter valve that is much like an EGR valve but is for when the engine is in deceleration or high manifold vacuum moments - where unburned fuel in the exhaust can be recirculated back into the intake and get re-burned - much like an EGR valve would do, but the EGR valve worked mostly for Automatics and during times of high acceleration (low vacuum moments) and did pretty much the same thing - dilute the intake air with exhaust from the acceleration fumes and let those get re-burned..
So EGR is to Intake dilution as Air-Diverter is to Exhaust Dissolution (unburned fuel) - only the exhaust system benefited from the extra air that valve injected into the stream so the catalyst (converter) can do it's job more efficiently.
So if you have time, locate the place between the Battery and Engines Valve cover - you'll find a set of hoses and a diaphragm based valve looking like this...
Let us know what you find.
You can see more detail here