Pleckner,
No arguments. Never, never!! install a positive dispacement pump without an external PSV. This PSV must be set below the design pressure of the discharge line. If you use a speed driver you barely can note if the pump is running when it goes at very low speed.
I suffered that some years ago, when somebody close the discharge valve and a cpcv line of caustic 32% expolded before my eyes. Furtunatelly, he and I used safety glasses and I just keep a little scare on my neck.
Internal PSV are designed to protect only the pump.
Regards