Im just about done with my motor getting so close to fire up I dont want to make a mistake drilling the bypass hole in my throttle body. I am pointing to where I think it should be drilled is this correct? its a edlebrock 58mm

 

why drill a hole? just use the set screw and open the blades a little.

 

i didn't think that was gonna work with the le3 cam(383 motor) I figured i would have to drill one to get to idle

 

ive searched all over what is the point of a tb bypass how does it work and what does it do?

 

i would try it first. i havent ran into a setup yet that i had to drill the throttle body.
just keep an eye on the tps sensor, you might have to slot it.

 

TB Bypass is a coolant bypass.
You basically unplug the inlet and outlet coolant tubes from the
throttle body and connect them together. Coolant no longer flows
through the TB and it helps keep air passing through the TB cooler.
There's a dyno graph on ws6.com FWIW.
I agree, the screw should be more than enough to get the IAC back into range.

If you have to drill, start with a single 1/8" hole.
If you go too big, you're gonna have trouble undoing it.