284 International,
I am not sure the 3pt can lift with the lock valve engaged. I haven't tried it. Do you know for sure with the valve screwed in tight with the 3pt half up, that you can raise the 3pt. I always thought the orifice that the knob screwed down, closed off the input and the output for the 3pt cyl.
I know the 3pt has a relief valve, but I have not seen the pressure relief settings for any 3pt. It could be equal to or lower than the FEL. It has to have it's own relief, as all tractors don't have loaders. There is also a safety relief, and I have never seen the pressure that will set it off.
The 3pt pressure can be checked by installing a gage in the pressure line anywhere from the 3pt valve to the pump. When you fully raise the 3pt, and it starts to bypass or relieve you can read the pressure. The normal pressure could be anywhere from very low pressure to 3pt relief pressure depending on load.
If the FEL takes all the fluid, you might not have any pressure at the 3pt for a short time.