Hi Larry,  According to the Baldwin "Manualo" Service Manual, the valve
travel should be "about 1/32 inch".  The manual also states that "Too
much free motion will 'cheat' short notes, too little will 'slur'
repeats and trills, and cause leakage either then or when damp weather
shrinks the pouch leather".

The nature of the problem you're having leads me to think that the bleed
hole in the pouch might be too small.

The Baldwin Manualo Service Manual is available at:

  https://www.buysecure.com/playercare/reprints.html#baldwin

Musically,

John A. Tuttle