not sure about the oem signal to drive megasquirt...you'll have to scope it to know if you can use it or not. you either need a 0-5v square wave signal or an AC voltage that crosses the zero volt mark at some point.
I think what you refer as a cold start valve is in fact the idle air valve. If it is what you are refering to, you cant use these models of valves with megasquirt... you need to adapt a fast idle solenoid or a 4 pin IAC from almost any GM since 1990.
If you are refering to the other thing that looks like an injector, well, just ditch it cuz megasquirt will automaticaly compensate fuel with the temperature sensors, so it's not needed... the art of fuel injection my friend, some stuf can just be thrown away

3x 2.3-16, one EFI, two project
tuned Cavalier 2.2 (winter beater)
Honda VTR 250 project bike (650cc mono + EFI swap)
Honda CL-70 1972 (125cc swap)
Honda VTR 250 1990