It's likely that it's a bleeder valve, which would be good.
To tell if it's a simple air bleed valve, turning it about a quarter to a half turn (with the boiler & circulator off) would result in either hissing of air or a small stream of (potentially hot, feel the pipe first) water. If it hisses, wait until the water appears and is a non-sputtering stream. Some are designed with a collar around the part with the slot, design to be used with a "bleed-key" tool which can keep you from getting splashed by hot water, but if the system is (relatively) cool a screwdriver can handle it. Others are more open, designed for screwdriver operation.
Give it a shot- any air you can remove from the system is worthwhile, and there's a good chance that if it hisses air when you first turn it, the symptom may soon disappear.
You may want to put a shallow pan or towel underneath it to make less of a mess, and use gloves if any of the baseboard pipes on that loop are hot when you start.