Assuming we are talking about two installed PSVs; one as a spare for maintenance.
It's all a matter of determining the pressure drop from the vessel to the inlet of the relief valve. This is a basic exercise in fluid flow calculations which every chemical engineer should be able to accomplish no matter how much experience they have.
1. Use the RATED (stamped capacity) flow of the relief valve, NOT THE RELIEVING FLOW!
2. Using the Darcy equation for fluid flow, determine the pressure drop. If the pressure drop is within about 3% of the PSV set pressure, everyting is OK. If not, it will be time to re-think some things.
a. You must determine a 'K' value for all the included fittings and valves in the line. This includes the entrance loss into the pipe from the vessle (nozzle), any elbows or tee connections and of course the isolation valve; whether it is a ball valve or the 3-way valve that was discussed. To get the pressure drop of the valves, you should obtain the fully opened Cv of the isolation valve you intend to use. Then you can use equations in CRANE Technical Bulletin 410 to get the total pressure drop. CRANE also gives some K values for typical ball and 3-way valves but you would be better to get the Cv of the actual valve you are using.
In summary, these are the frictional losses you are working with or should be aware of:
COMMON WITH ALL CONFIGURATIONS:
1. inlet pipe
2. entrance loss into the pipe from the vessel
3. isolation valve
For 3-way valve configuration:
1. One or two 90 long radius elbows.
For two, ball valves and depending on the piping configuration:
1. None, one or two 90 long radius elbows
2. None or one branch flow tee connection