I belive the system is a closed oil loop.
Hence the backpressure regulator is more like a flow controller, in this case. I would size it based on the two criteria:
1) Maximum design flowrate - CV must be large enough to manage this
2) Minimum design flowrate - Don't want to oversize the valve.
Depending upon how wide the gap is between these two design limits, you may have to use multiple valves or bypasses, etc.
Cheers