I agree on the bypass. To do any kind of pressure in the first place.....lift the bed of the truck..... you need a displacement/gear pump, aka 2 stars working together with no space around for fluid to do anything but go the way of the Outlet Port. That means that the pump would have to turn to let the fluid out and the question there is how many reduction gears between the pump and the shafts of, and the resistance of, the driving motor. Going from input to output you are reducing rpms and increasing torque, nice energy transfer. In reverse you are using pressure induced torque to generate rpms and that's a different story. Leastwise as the way I see it. Somewhere in the back of my mind I have a corollary but I don't remember the details.....been too long.
On the valve, I'd make it as large as is reasonable to allow for the maximum amount of flow to mitigate the pressure that the outlet line will see, or ensure that you are using a high pressure routing hose to the sump if very long and restrictive. Other thing I'd ensure that the return fluid is introduced at the bottom of the reservoir, or at least as near the bottom as is practical as it will reduce the turbulence and air entrapment that would be encountered by dumping it on top of the sump oil level........ Bubbles introduced in the sump could make your lift pressure mushy...air compresses, fluid doesn't.
HTH,
Mark