Directions are correct when they state the P and PB ports must be looped together in the event the loader control valve is removed. This is basic open center hydraulic theory. If you plug the PB port and use P and return as connections to your loader control valve, the tractor's 3PT hitch will not function. If you plug the return and use P and PB as loader valve connections, the 3PT will work, but the return circuit of your loader valve will be subjected to whatever system pressure is developed by any 3PT hitch loads. This may or may not cause failure of your loader control valve's spool seals, as they are not likely to be designed to accommodate full system pressure. Exactly why the correct loader valve to use in this installation would have Power Beyond capability and connect with three hoses to the adapter plate. Not to say there aren't many out there doing what you are trying to do with a two connection valve.
There are two port adapter plates out there that would be identical to your three port plate, except there would be no return port. Return flow would be routed to the 3PT, as it is from your PB port.