As someone who teaches how to deploy a DSMB from depth as a regular part of a number of the courses I teach, I can state firmly that it is harder to do than it looks, and the danger of having the line tangle and take you to the surface with the buoy is real enough and serious enough that you should not try it on a real dive until you have practiced it several times in a less dangerous environment. For the purposes of being spotted on the surface after separation from the group, a simple SMB inflated on the surface is just fine.
As for the necessity of an overpressurization valve on a DSMB.....
I bought my first SMB about 15 years ago, and I got the cheapest one at the shop, with no OP valve. I didn't deploy it from depth for several years, when I started tech training, and I used it despite all warnings against it. I have sent that puppy up from 70-90 feet at times. Because of expansion on ascent, you don't need to get much air in it to get it full from depths like that, and I have overdone it often. I have gotten to the surface and found it to be rock hard quite a few times. No problem. I now own a half dozen bags of different sizes and styles, but I still carry that first one on basic recreational dives because it is smaller than the others and fits easily in a pocket. I also still use it for training students, too.