I did actually disassemble one of these valves a while back. IIRC it was just a spring-and-plunger arrangement. I was planning on examining the assembly in detail but I think it was either lost or thrown out a while ago.
If I can scrounge up another one I'll check it out.
While I think this is a *possible* contributor to failures, I don't think it is a likely one. The mechanism seemed pretty simple and fool-proof (if anything more foolproof than a coolant thermostat -- fewer parts). The best/only way to check its operation would be to install an oil temperature gauge and check it vs. the specified thermostat temp in the service manual (not sure about the exact spec).
Checking up on the oil cooler and oil temperature is probably a good idea on an engine that is generating SO MUCH HEAT -- the expected thermal side-effect of producing 500-600hp for some owners.
-Chris