SnoKing,
In short... no.
The VP44 has an internal low-pressure mechanical fuel pump. The overflow valve is there to relieve the INTERNAL pressure generated from this mechanical fuel pump by sending the excess fuel not needed (for high-pressure injection) back to the tank.
When you measure fuel pressure at the VP44 inlet, you're only measuring the external electric lift-pump pressure and not the pressure being generated by the VP44's internal low-pressure mechanical fuel pump. Assuming the overflow valve is doing its job, the internal pressure is limited to 14psi no matter what the external pressure is.
In simple terms, no matter whether you have 5 psi or 25 psi at the VP44 inlet, as long as the fuel supply volume is sufficient, the INTERNAL pressure in the VP44's mechanical fuel pump will always be 14 psi (or whatever exact pressure the overflow valve is calibrated at).
I hope that helps,
John L.