I don't know if you should or shouldnt open the hot air bypass. But, if you need to reduce the throttle position, then the hot air compensator can be opened and used as a bypass. It will be like an 'idle-eze' setup in a different location.

As far as experimenting, measure some wire, measure the idle air bleeds with a pin gage or drill bit shank. Then stick the wire in each idle air bleed and see what happens. Write everything down.
The easy way to retain the wires is run them up over the choke tower (assuming its still there), then under the aircleaner gasket. I actually prefer to use one wire for both bleeds. It takes a little more time to bend and fit.