Well after more research and looking at the valve itself, I'm pretty sure when I redid my fuel lines that I put the return line on wrong. I believe that valve is for venting and pressure relief. I've got my return line coming in the top rear of the tank and I believe that it should be hooked up to the one facing the front of the vehicle.
I suppose the old return line will act as a vent, but I'm pretty sure that rubber hose isn't fuel rated back there and will eventually fail? The car runs fine - I can't believe it ran at all since the arrow on the check valve was pointed away from the tank and my fuel was coming in the wrong way through an air valve /ubbthreads/images/graemlins/uhh.gif. No wonder it failed.