New Holland 3010 remotes

I am looking at replacing the single spool valve on my New Holland 3010s with a double, however I have run into a problem with connecting the double spool valve (a generic one). All the resources I have been able to find indicate that there should be two connections to the tractor, one to the pump and one to the tank. The problem is that the original valve has three connections, one to the pump (yellow), one which I assume goes to the tank (blue), and one which also seems to go to the tank, but through (or next to) the flow regulator for the 3pt (red). I am guessing that this third line (the red one) is used to control the flow/ as a pressure relief for the original spool valve, and that with a generic open center (tractor data says nh 3010s is open center) double spool valve with a built in pressure relief valve, such this one, I can cap the third line (red) and just use the two other lines (connecting them to the P and T ports of the double valve). Is this correct?

Thank you as always,
Michael

New Holland 3010 remotes