Hi Jamie,
This is something I was concerned with when I am setting up a Kent flow valve for my tank. My solution is to put a drip valve before the float valve so even if the float valve was stuck open, the FW will still be limited. For example, I know my tank won't evaporate more than 1 drops per second, therefore, I set the drip valve to that flow before connecting that to the float valve. The idea is similar to yours but it is a bit cheaper as the valve only costs couple of bucks.
Thanks for bringing this issue out to our attention.
Bongy
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