ECWI = Water Regulator.

The Water Regulator adjustment knob (the red cap) should either be screwed all the way in or flush to the top of the black ring of the cap. This will only affect performance, as far as how it jumps out of the hole or how well it runs for extended periods at WOT.
Removal: You do not remove the exhaust to remove a rave valve on a 787. You just remove the cap and bailer wire, remove the diaphram retaining spring, unscrew the diaphram piston from the rave valve stem, then remove the diaphram, then the housing, then the rave valve from the clyinder. Takes 5 minutes.
The valve on the waterbox is not a rave valve , it is a water controller, it puts in more water at low rpms and shuts it off at higher rpms, it will affect performance if not operating properly, usually the wire clip that holds the bottom of the diaghpram rusts up and eats a hole through the diaghpram. making the unit inoperable.
On the rave valves you can take the black plastic cap off and using a hole saw drill a hole in the cap, then with it on the trailer and running you can rev the engine and see if it is opening up or not.Black oily residue leaking around the rave valves usually means time for a rebuild. If the raves are not opening up you will usually only get around 5000 rpms and your top end speed will be down about 10mph or so. Bills86e