You have it correct now. Also, we send the lines extra long as some mount in different locations or rout them differently and we had complaints so we send it longer than needed. To cut to length, wrap masking tape around the spot to be cut and a bandsaw or cutoff wheel is the best. A hacksaw will work but is not as neat of a cut do to the stainless braid in the line.
The checkvalve prevents backflow at WOT when the intake manifold has no useable vacuum to pull. It allows pressure to still flow in, but prevent pushing oil from the can back into the crankcase vent. It also controls the flow rate when the fixed orfice is drilled. You can run one w/out the checkvalve just fine as well as no other cans come with one, just a added feature but Trav is correct.