<VV> Oil Pressure Release Valve

[Brian]

A friend's recently rebuilt 102 HP engine lasted only 149 miles before destroying at least one rod bearing.  In the post mortem tear down, it was discovered that the pressure relief vale in the rear cover was stuck in the open(/) down position.  (See Item 11 of the oil system diagram in  the 1965 shop manual.) What is the purpose of this valve?  What happens if it is stuck in the down position.  Could there be any tie in to the failed rod bearing? P.S. There may be more than one failed bearing--the others not yet removed. 
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