i couldnt decide if that would be a shuttle or a piston. looking at it i think you are right. i would expect that to essentially be a buffer spring so to ensure that the tap closes full when it is supposed to.That appears to be the shuttle, the thing pushed by the tap handle to start and stop the flow. The spring shuts the valve off when the handle is pushed back, and helps the o-ring seal properly.
I'm not sure what you mean by position. It just sits there on the end of the shuttle.
It could also be part of the flow control system allowing the tappered part to move back and forth while still maintaining a seal.
I think we are missing some detail on the flow control handle that would show how the flow control actually adjusts the opening on that guy.
you have to remember that that piston shuts in the forward(to the left) position. and is open to the right of the diagam