Well, with normal operating pressure at 35barg rather than 40barg, that gives you some more room for all these pressure excursions, but we cannot tell you if it is adequate since we have no information about your plant and the associated process controls and operating modes. To be sure, draw out a pressure map and make room for each of the pressure levels discussed earlier.
a) Normal control operating pressure for all operating modes
b) Max normal control operating pressure for all operating modes
c) A reasonable gap for small pressure control oscillations/ fluctuations
d) Any overpressure to flare control setting
e) High pressure alarm PAH
f) High pressure trip PAHH
g) PSV setting
This is only what I guess you need, and there may less or more of these levels depending on how this vessel is operated etc. The process safety time is the time allocated for the safety ESDV to close, initiated at PAHH, and the associated worst case build up in pressure. This pressure build up should be less than the pressure gap between PSV setpoint and PAHH, else you'll have the PSV lifting on shutdown.