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I had the "401" egr problem code come up on my 96 f150 earlier this yaer. problem was a valve on the front top of the intake manifold. Little pot metal and plastic thing. Seems to clog up, especially, as in my case, you don't get too many highway miles on the truck. Think it was called a "ecp" or "pcf" valve? Anyway, that's just something else to look at if you get this code. Went through two egr valves, a tune up (which included changing the oh so irritating front passenger spark plug) and a lot of headaches before checking out that little, non-discript looking valve.
i think you might be talking about the pcv valve. i don't know what engine you have but that valve is usually sits on the valve cover. does on my 300 I6. that part is real cheap to fix. no more than 4-5 bucks at a parts store. mine on my 1990 f150 is not a valve, it is more of a breather tube that connected to a hose and went to a filter inside my airbox. but the pcv valve is a quick and easy fix, maybe take 10 minutes.
[updated:LAST EDITED ON 23-Oct-02 AT 05:52 PM (EST)]No, it wasn't the pcv valve. I know what that is. This vavle is a flat, pot metal thing with some plastic nipples, and it sits on the intake, not the valve cover.