Standing on the driver's side of the truck, facing the VP44, I think it is just to the left of the fuel supply line to the VP44.
On the VP44, there's two fuel connections - supply and return. Remember, the VP uses diesel to cool and lubricate it - and returns a portion of fuel back to the tank.
The shop manual (my 2001 copy shows it on page 14-84) calls it a "overflow valve". It looks like a banjo bolt with 2 sets of holes.
I looked at mine, when I was concerned about it causing problems. The 2 very small holes offer no flow restriction - just their small size limits the volume of fuel passing through. When checking with compressed air, the larger hole only passed air when the air pressure was above 15 psi.
The shop manual says the to check this overflow valve with compressed air, and it should start to pass air in the 14psi to 16psi range. The shop manual made NO mention of the small holes that constantly pass air/fuel, but it DID say that around 70% of the fuel supplied by the lift pump should return to the tank. As I don't think my original factory LP could supply much about 10, I'm deducing that the small holes are supposed to be there.
I did look at an overflow valve on the shelf at a parts store, and it looked exactly the same - small holes and big holes.