I do not believe it is possible to make the "B" option work with a positive displacement pump - or any pump, for that matter of fact.
Option "B" shows that there is a completely unrestricted return line from the discharge port of the PD pump back to the suction port. That means that while the pump is pumping, this line will always be flowing - regardless of what is downstream of the pump (or upstream). This cannot be a "controlled" system since there is no manner or method to determine or measure what is flowing in the totally open return line. It won't work because we don't know if the pump discharge is favored to flow downstream or return to the suction. Every PD pump has to have a downstream check valve to avoid a return flow from downstream back to the pump. This check device requires a minimum force (or pressure) to keep it open when flow is required downstream. This further complicates the attempt to shunt flow back to the suction when the source vessel is detected with low level. And what is one to do when the suction tank level is too high? With the 100% open return, the pump will be unable to pump down the tank.
Am I dwelling in senility?