CMP 3 Way Diverter Valve 2" Inside 2.5" Outside - 25913-204-000

Per the captioned item, would this allow the for the center to be shut off and the water flow from the two sides.

The way my plumbing is set up, I would like to tap this into my line between pump and filter where both sides flow ... and have the middle serve as a waste line allowing me to close the end to the filter and water flow out the center.

Thank you for your time.