OK - that doohickey might indeed be a blow off valve.
But I think I would replace it with a new one along with replacing that vent - and plumb the outlet of it down to the floor like it's supposed to be. Can you imagine that thing blowing off with someone standing next to it? Or while they were looking at it?
I would also likely put in a new tridicator while at it, and put a couple extra pressure guages in wherever they will go also while at it.
Look like you inherited a somewhat shoddy installation.
I would agree for sure on the Shoddy Installation. The previous owner of the home was a contractor believe it or not and he was easily the sloppiest worker I have ever seen. I found an electric power outlet on the first floor made from an extension cord he cut and spliced into the basement. Many issues like that upon move in. Issues like that are why our heating system got a quick check and moved on. We just didn't have time to make changes before winter. My goal is to clean it up and repair in spring time.
Some questions from all this, I have learned what some components are and how they work, but I am still trying to see what is up with low pressure and possible causes or concerns.
I think both you maple, and fred commented on the gauge in the garage on the wood boiler possibly being old or inaccurate. How are you basing age, and is there a way I can replace while furnace is in use. Gauge appears yellowed in photos, its actually snow white when cleaned. Dirties up fast from opening door to fill wood. I can attest to the temps reading fairly close, because I can see the temps fall in the oil unit, when outdoor is low, oil kicks on. Also when outdoor is over the 160 kick on downstairs ,both gauges match while holding steady. As for pressure....It may be entirely off because I have no way to check.
Have we in any way ruled out a break in pex? Would I have ANY pressure with a break in lines.
If my expansion tank is not shooting water, is it possible its still in need of replacement? I did pump some air into it and saw NO rise in pressure on Wood boiler pressure gauge. I am going to find a pressure gauge to check the fill valve on that tank today.
With tending often, probably 6 times yesterday, I was able to maintain 160 plus temps. With an 8 hour sleep period, I had temps at 145 this AM. Is this realistic results with a large box my size?
If that's realistic, its hard or impossible for me to maintain 160 or 165...150 is much easier. Is 150 on the oil furnace end enough to actually heat home through heat exchanger to 69 degrees. See, if I can lower kick on for oil to 155, or even 150...it will greatly reduce oil use. I am however wondering if I lower to that, if the water in the box outdoors will also lower...meaning is my oil spending most its efforts to warm that water in wood box.