pretty sure that bolt just holds down the flat bar that holds the air box down? I've had mine off a number of times, but i didn't squirt anything down in the hole either, haha. the bolt isn't that long, i can't imagine it holding something else in place. but i have obviously been wrong (a number of times) before. haha.
i'm jealous of your new dual fork setup. wish i had the coin to go for that.