That third fuel hose is just a vent, not a fuel return. For years pumps had two lines, fuel in, pressure out. The back side of the pump diaphragm was vented with a small hole in the case. This was how you cold tell the pump diaphragm was worn out, the pump leaked a little fuel.
Zoom ahead, EPA wants all possible fuel contained, So they added a hose barb and sent the vent back to the tank. You can just "T" the vent lines at the selector valve and use a 3 port valve.
Bucket's referral for a pump like what was installed on my, older 1974 350, no vent hose, just a breather in the case.
For anyone who thinks, "when I pulled the vent line I got fuel" here is why: The back of the pump diaphragm pulls tiny, vacuum then tiny pressure back and forth. This will make fuel or vapor draw in and out and gravity holds some. Pull the vent line and yes, some fuel comes out.