I am giving some serious thought to a build log? The answer to your question is yes that is the condenser (separator,) and in another life it used to be the foot-rail in a defunct spit and sawdust pub, a friend rescued a piece for me. The globe valve you can see is on the outlet going to the chimney, the low down tapping for emptying also has a globe valve. By closing the exhaust valve and opening the emptying valve which has a tapping over the side, you can use the engines exhaust and boiler pressure to empty the condenser. This is something I have adopted from somewhere and use on all of my steam plants, along with the bypass valve idea to blow the pipes before steaming the engine. How is FORMIDABLE LT 53 doing? Regards,Gary.