propane conundrum

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Doesn't really look like a tee, but I guess it is. What controls the rubber disc that switches between the two sides ? Does it allow refilling one tank without turning eveything off ?

So I'd either snatch the first-state regulator from the propane company's tank when they remove it (but it's really old), or buy a new one, and plug this into it. Then connect my two 40lb tanks to it.
Yes, the disc closes off the low pressure side so you can remove empty cylinder for filling.