You can definitely run the return line as you're suggesting. Ideally, you want to run the fuel pump full blast all the time, use a return style regulator (or log), and run the return line back to the tank from the regulator.

Benefits are longer FP life, full pump volume available at any given time, noticeably cooler fuel, longer needle and seat life for the carb, sometimes less FP noise, and probably others I've forgot about.

The length of extra line is kind of a pain and might seem a little redundant, but it WORKS and it's well worth doing.