Jon…………… there are problems if the O ring is just left "floating" as it were. The ones that I made had a housing for the O ring, roughly midway in the body of the valve. The O ring, was inserted from below followed by a hollow screwed insert, thus holding the O ring captive. There are some careful calculations to be made as to the sizes of orifices and the stainless steel ball and of course the spring. I did not use Viton and found that silicon rings were perfectly OK and cheaper.
More recently, I have used Gordon Smith safety valve designs and found them excellent but I still think that O rings have potential as they do produce a foolproof seal.