Regardless of which style of counterweight on your valve, the valve itself should be in the vertical pisition when open. BUT the main thing is to ensure that the valve is FREE to move, rather than "tight". On my '66 Newport, the valve usually stuck in the 1/2 open position. No amount of penetrating oil would free it either.
So, I had the dealer change it the last time. There is a brass (or similar) bushing which goes into the hole in the manifold, into which the valve's shaft is supposed to rotate. No problem putting the new bushing where the old one was, BUT when the shaft was inserted into it, the shaft moved reluctantly, in that the thermostatic spring could barely move the valve toward open at ambient shop temperature. The fix? To slightoy ream the inside diameter of the bushing so that the shaft fit freely into it and DID rotate freely when assembled. On the verge of a rattle, but it moved, which was what is needed. When the engine was revved a bit from hot base idle, the valve would open with the additional flow of exhaust gases.
Eventually, the valve stuck in the 1/2 open position again. As performance was NOT changed in that position, I just left it. NOR was cold or hot starting performance. A good compromise to me. Key thing was that there could be flow to the intake manifold so that the automatic choke thermostat would work as designed.
On that earlier-style counterweight, the "hook" at the end is "full open" when it is vertical and against the stop pin on the exhaust manifold. Easily seen. On the round counterweight in the later years, you might need to get under the car (on a secure lift!) and look at how the thermostatic spring is positioned on the shaft. Looking at things from under the car, block side of the exhaust manifold, the valve will move clockwise. From the fender-side of the manifold, it will move counter-clockwise from closed to open.
In the hot TX sunmers, the car started the same whether the valve was at 1/2 open or operated freely. In the cold times of the year, sometimes with snow, the automatic choke worked as it needed to, also. NO change between the stuck 1/2 open or "free movement" conditions. This was back in the "from '67 onward" times when gasoline was really gasoline, though. BTAIM
The LA motors did seem more inclined to coke-up the intake manifold's heat crossover, by observation. The local dealer sold a lot of LA Belvederes to elderly ladies in town. They usually drove to the store and to church, never long enough for the choke to fully release, so the heat crossover passage got clogged with carbon. So after a while, their cars would be at the dealership to get that carbon removed from the passage, manually. Never did see a B/RB motor needing the same thing, though.
Just my observations and experiences,
CBODY67