It took me a minute and a reread of your other post to realize what you where suggesting. I agree, as long as the OP can live with the reduced flow. His 2.5in bore cyl are not going to provide a lot of force and I dont know how important speed is going to be. I would probably swap the speed reduction for improved functionality and a the flow divider would provide this.
To the OP.
1. Relief valve one way or both ways, does it matter, what kind?
I suggest before investing in a separate relief valve, you take a look at your control valve. Chances are your control valve already has a relief built in and no other purchase is necessary. You should always have a relief between the pump and the control valve. Your control valves should have the relief built in. Your question about one way or both ways doesnt really apply here and a second relief isnt necessary
2. Could I get away with an 8 horse gas engine?
Hp is in direct relation to pump flow and pressure. At what pressure so you intend to run this system. With standard gear pump, chances are you will not be able to run the 8gpm, or even the 6gpm at any decent pressure with just a 8hp engine.
3. Would I be better off with a 6 gpm pump at 2k RPM?
Many ways to mess with pump flows, rpms being one of them. If you idle down the engine to achieve desired flows, you will also reduce hp generated by the engine. Best to match required flows and pressure requirements with adequate eng. hp
4. Should the tank be a little higher than the pump for good flow or does it matter?
Maintaining fluid levels higher than the pump intake is always better. Oil levels lower than intake levels can cause the suction line to drain of oil when not pumping. Dry suction lines can damage the pump at startup. This doesnt mean the whole tank should be higher than the pump, just that the oil levels in the tank should be above the pump.