Lexwater,
I know this response is a little late, but you know what they say.....
A pressurized sewer system could certainly benefit from air release valves placed at high points in the line. State regulations specify intervals based on change in elevation. Abrupt changes greater than say 10 vertical feet. Check the regulations applicable for your area.
Air bubbles actually form at low points in the line just upstream from high points because as the fluid (wastewater, water, whatever) flows downhill under pressure, high velocities may be encountered. The fluid is subjected to forces associated with pressure in the system and by forces associated with gravity. As the velocity increases, pressure decreases (within the fluid), creating bubbles.
After reaching the high point in the line, the air bubble will become lodged and physically restrict, thus decreasing the inside diameter of your forcemain. This restriction will increase your TDH. The higher head will possible force the pumps to operate outside of the range that they were designed for. Although this probably would not cause a catastrophic failure it would certainly decrease your efficiency and shorten the life of the pumps.
Hope this helps.