My father installed the pressure relief valves on the Phantom in the exact spot that you mention, next to the bilge pump exit on the side(s) of the boat. He did that so he could look backdown the side of the boat while it was running above 45 mph and see if it was actually dumping water, the Phantom had an excessive water pressure problem which he solved after blowing a hose apart while running 86+ mph. He went through two different types of pressure relief valves to solve this problem. Good luck.
In the picture below (starboard side) you can at the very back of the boat on the side on exit is for bilge water (white ring), and the other exit is for excessive water presssure (white ring) behind the PhantiomV emblem. On the Port side is the identical outlets. The boat has two bilge pumps, and two pressure relief valves (twin engine boat). (Brownie knows way more than me, but I am not sure what pump will burn up when talking about pressure relief valves) The relief valve(s) do not have pumps for the Phantom pictured associated with the pressure relief valves in the set-up pictured, it is just dumping excessive water pressure.