Thats pretty much it, but I gave a few more instructions in the 2nd paragraph.

I went back and reread your post, and you might not understand what the FITV does. While the car is warming up, the FITV allows more air to enter the engine. Those two hoses are coolant hoses. As the coolant heats up, the valve seals shut. The coolant temperature is the only thing that controls this valve. It is shut when the car is at normal operating temperature. It probably allows more air to enter the car when warming, because the engine runs rich when heating up (open loop mode). Once the car is at operating temperature, the O2 sensor, etc feed the ECU which regulates the fuel/air ratios.

If you are dead set on replacing, those two hoses will have coolant in them. Have a container underneath them, because coolant will spill out, and you will introduce air to the system. Switch out the FITV. Remove radiator cap. You will have to bleed the intake by opening up the 12 mm bleed bolt on top of the thermostat housing until all air stops coming out (steady stream of coolant). Just top off the radiator and you are finished.

 

I tried the adjusting and that didn't do the trick so I am going to replace the valve. All in all it really isn't that expensive and this car has treated me very well in terms of maintenance. This will probably help with the start up and make the car a little easier to get along with in the winter.

I will wait for it to get cold then do the replacement along with bleeding the system as you have noted. Thanks for going over that as I wasn't sure where that bleeder was. You guys have been very helpful here and it looks like I'll be around for a while.

Thanks!