The overflow valve is basically an overgrown banjo bolt with a spring and check ball in the outlet. It holds the return fuel pipe to the pump, which is the pipe that runs down between the engine and pump and connects to the pump next to the gear case sort of behind the oil filler. There is a notch in the head which should allow you to be able to remove it. It should JUST fit between the head and pump housing.
Testing involves checking your supply pressures while running, as it's purpose is to hold fuel backpressure against the supply pump, thereby pressurizing the fuel galley in the pump. You can tap the outlet of the fuel filter, where there's a little pressure tap already in place (small bolt on top of the banjo bolt that holds the supply pipe in place that runs between the filterbase and the "back" of the pump - about a 12 -16 inch long pipe). Or, you can go to a pump shop and they have the stuff to check it agains their calibrated gauges... test it under a variety of flows.
Memory fails, but I think used is a minimum of 1. 5 Atmospheres (1 Atm = 14. 7 psi), and newer, revised regulators are about 2. Higher is better, low is bad. Someone with better recall than me may be able to verify or correct these figures.
I do know that if it's less than 15 PSI, forget it. YOu need a new one for sure.
But don't forget, a coiuple bad injectors could conceivably do the same. I would guess their expected life to be roughly 150 to 200K miles.