Leave it off , its completely unnecessary, as is the dustcap.
Actually, if it isn't overtightened, it's rather useful as a way of reducing stress on the valve/tube join, which can be quite high every time a pump head is forced onto the valve - this is because it uses the rim to resist the pressure rather than the delicate tube material at the interface between valve and tube.
Repeated stress at this join can lead to failure - especially in cheap butyl tubes. The problem is probably even more likely in delicate latex tubes - in the past I've found that Vittoria latex tubes frequently failed in this way, even with the nut in place, so it shows how critical the valve/tube join area is to tube integrity and emphasises why it is good not to stress it any more than necessary. Ever since, I have treated tubes very carefully when pumping, due to the fact that these failures usually occur with sudden rapid deflation, which could be catastrophic on a fast winding descent; it also means I don't trust latex tubes an inch any more and never buy them now.