I'm sensing confusion and uncertainty of what the e-tube does. It's not voodoo, but it is somewhat complex and it seems almost nobody understands it. Here's my interpretation, basically what I've learned from Keith's research. It may help to have a tube in hand, or even better, a cutaway drawing open.
First, why is the emulsion tube even needed? Liquid gasoline has non-negligible viscosity. If we plug off the air-supply to the main circuit, the engine will run leaner at low speed and richer at high speed. This is because at low speed, the lifting force from engine vacuum is not strong enough to pull up enough of that viscous fuel. At high speed, the effects of fuel viscosity are lessened (higher vac signal) thus too much fuel gets pulled in. Now, if we introduce air into this fuel column, this effectively makes it less viscous. At low speeds, the air helps to draw in more fuel even though the vacuum signal is "weak". At high speeds, where viscosity matters less, the air dilutes the fuel and thus slows down liquid fuel flow-rate. This helps the carburetor to achieve a flat fueling curve. My explanation may be a bit simplistic but this is why these carburetors use emulsion tubes!
The e-tube controls the fuel-metering of the main circuit. It does so in two ways, (1) outside diameter, or impedance as Keith termed it, and (2) hole size and location. The main circuit draws in fuel from the float chamber via the "main" (wet) jet and that fuel mixes with air drawn in through the "air corrector" (dry) jet. The e-tube gets its air supply from the dry jet which sends air to the inside of the tube. In order to reach the venturi, fuel must flow up between the e-tube and e-tube well. This is where the air mixes with the fuel via the small radially-located holes on the e-tube and continues towards the venturi (in two-phase flow).
Here's the important bit, the radial holes in the e-tube must be below the fuel (float) level! All a bleed hole above the fuel level does is diminish the vacuum signal to the main circuit. While this may be OK for high-speed operation, it's absolutely terrible for low-speed. Once you understand this, it's no wonder why so many people have low-RPM bogging issues...
As Keith discovered (as well as I can remember), pretty much all of the Weber F-series tubes were designed for their down-draft carbs, which have different fuel levels and well dimensions! As it turns out, pretty much all of these F-series tubes are terrible for sidedrafts. Keith did find one F-series tube that would work OK, that being the F7 but it's necessary to play with plugging holes in order to obtain proper performance. It also lacks enough impedance to provide optimal gas mileage (impedance plays a role in mid/high RPM part-throttle operation, not so much at WOT).
This is just what I've gleaned by following Keith's work, all the proper details are in the Sidedraft message board. I'm not trying to advertise for him and am not benefitting from this in any way. However, this is exactly the reason why I decided to ditch the Weber stuff and go for Keith's jetting (custom e-tubes and adjustable idle jets). Like I mentioned in previous posts, I don't get any bogging anywhere and I also get better gas mileage to boot.