The Goerend valve body does what a lot of the others do. It will raise line pressure (very important when adding torque), allow fluid to flow to converter in park and few other secret things Dave won't give too many details about. From all the reading and research I've done on valve bodies, a lot of it comes down to who YOU trust and who is closest.
The flexible hose you saw below the turbo contains the check valve. It is located in one end of the hose in one of the steel fittings on it. It is basically a ball and spring. The spring has very little pressure on the ball so it will take very little oil flow to move it and allow fluid to flow to coolers. I don't have a picture of the hose on the truck, but I can take one of the hose and will try to post back before end of day. The hose will twist fairly easy since it is connected with those "high tech" and "so reliable" flimsy little plastic disconnects on one end and swivel fitting on other. For just a few dollars you can purchase a 3/8" FPT X 1/2" barb, 18" oil rated rubber hose (I went with "Push Loc" brand, but others will work) and 3 hose clamps for the rubber oil hose and delete this valve. Cut the end of the steel line going to trans, slip the rubber line over it, put on two hose clamps, remove the fitting screwed into the cooler below turbo (takes 1 1/16" socket IIRC), install new barb fitting, slide hose over that fitting with hose clamp, and boom, deleted the check valve and got rid of plastic quick connects at same time.