From what I've learned from these guys, and my own experiences, valves at the pump to limit water to the engine and on the O/B dump are unnecessary. Put them on Moo, but they are wide open ALL THE TIME, never a need to choke them, save for the one at the pump I use to limit water to the pump and flow more through the engine when on the hose. Seems when I tried to choke the O/B dump line to increase operating temps, that intensified another problem I had with too much water to the headers.
One thing I did do, however, that I seem to tweak constantly is a ball valve before the Header T valve. Without it, I seem to run overly wet and the weepholes are literally spewing water, even at idle. 2 different T valves, A Rewarder and a Bassett. Doesn't take much to get it right, ball valves are twitchy, but it works in my situation. I beleive reversion could be a big issue on that engine, however.
I'm thinking of the banderlog setup or a mini valve at the seat for it for next season.
In probably 95% or more cases, the diagram Skip posted for you is perfectly fine and optimal. (Although I would recommend a sand filter on the jet pump side.)
Ray