What's the dead head (no flow) pressure at the piece of equipment given your fluid and system? If that's under 75 psi, I wouldn't do anything. If it is close enough to 75 psi to worry you, or higher, trimming the impeller until it isn't an issue is a great idea if it'll still provide the needed flow. If that's out for some reason, you could put a variable frequency drive (VFD) on the pump motor and cut back on the pump speed (and flow and head and . . . ) based on the pressure in the equipment, in the line, or at the discharge of the pump. It depends on what you have, what you want, and what's close enough. I'd try to set it up so it does modulate during the normal variations of the process, just to keep all the parts moving and not have a static failsafe system which is more problematic when it is needed, unless it is inspected and tested frequently. Diverting the flow will work. It's not the energy conservation-wise way to do it. I'd design it to handle the total flow with a control valve in it with a pressure control loop. Again, set it up so it modulates during the normal variations of the process.
Good luck,
Latexman