Looks like the original A/C water control valve was removed. Would help to know what year and model car. 318 means nothing. Someone added it. Most likely to keep all the hot water out of the core in the hot summer months.
If by "Redneck" you mean cheap and effective... Then yeah that's some redneck ****...Man that's some redneck **** right there.
Very close to the one I used in my old vette, mine ccame with barbed fittings for that new plumbing system houses have now.I used a ball valve on mine, it looked better than a spigot. I put them on both hoses
View attachment 1771668
Pex was the name I couldn't think of in my earlier postAppears there is a rag stuffed in the hole for the original water control valve, so you have no control of the hot water. I put a Pex ball valve in both my heater hoses and remove the handles. They take up less space and look cleaner