HunterJ,
I believe you are correct.
This is not really what most people think of as a "cascading relief, nor is a "fixed pressure check valve" seen as a safety valve. the margin on setting pressure is likely to be much higher than a proper spring relief, possibly -50%, + 25%
If the tank level is low, then any pressure >10 psi will flow fluid back to the tank.
Is this what you want?
10 psi is very low - why so low?
This system as described does not make any sense.
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