The T before the PRV is only used to connect everything, but yes, the plug could be removed for a pressure gauge fitting if need be. My pressure gauge is connected to the valve control block on the loader support.
The PRV return to the hydraulic tank works well. Don't forget that with a hydraulic system - once the PRV starts to open the pressure drops drastically. Unless there is a large volume of oil opening the PRV, all that will pass is a small amount (whatever is required to relieve the prssure) and not full bore 1/2" pipe full. The other side of the tank T is the plastic hose vent that goes up the ROPS to the canopy and stops the mess from oil coming out of the dipstick tube vent holes.