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YES it is under the pump discharge nozzle "Y". It is a ball in the Holley carb.
In the identical Ford carb, there is a needle instead of the ball.
Here's what is interesting. I have (2) new rebuild kits that both contain (2) new balls and a needle. One of the balls goes down at the bottom of the accel; pump and is held in place by a spring steel retainer clip. There is no other place for the second one other than for use in the pump discharge (without the needle).
So I am assuming that the ball IS CORRECT for the Holley, and the needle is only used on the Ford and maybe Carter carbs??? Just wanted to confirm that with our experts here.