Yep! The o-ring on the left end of the short brass segment holds the two brass pieces together. That end of the short segment slips into the other brass piece up to the second o-ring from the left. The two brass pieces are free to move independently.
The rear brake line end of the shuttle is the brass orifice you refer to seeing. The other four brake line fittings on the valve have the small brass pressed in orifices.
I just took a small diameter rod and tapped the shuttle out of the bore from the valve stem end. It has to be small as the access hole between the two sides is small and off center from the axis of the bore of the valve. The o-rings all ride in separate machined bores so it goes tight then easy and so on until all the bores have been cleared by the o-rings.
Hopefully that is understandable. If not I can make more pics - let me know.