You are correct. I was using the term very loosely.

 

I would think that the valve would do a much better job of regulating the pressure in the pump housing.. and allow more fuel to flow through the pump when depand was low... helping to keep the pump cooled... I know there have been some that have modified the orfice.. (its only a pin hole stock.) but I haven't heard of anyone changing to a valve... Might have to work on that....