Dave (SOD) –
It's not a matter of being "too crude" that means a weighted safety-valve as a pressure-cooker won't work well on a loco, but stability when the locomotive is moving. I think they found that very early on, in full-size.
Otherwise that pattern, with a concentric column-type weight rather than steel-yard style, can work well, and was used on static boilers – locked of course to prevent anyone adding weights!
On a miniature though, the weight necessary may also be of too large diameter and height for scale, even if of lead (inside a brass sleeve).
I think many builders do set the valves at slightly different pressures, by about 5psi, or tolerance-differences give that effect; but I am not sure it achieves much. I don't understand your sentence about steam economy though. As you say, the safety-valve is exactly what its name says, and although steam released through it keeps the pressure to the safe limit it wastes water and fuel, (the latter less significantly in our sizes perhaps – except in an IMLEC run!).
For economy and efficiency the aim is to maintain pressure as near as possible to a tad below the red line, so safety-valves that close promptly as you suggest would be right – but we should still try, as on full size, to minimise the valves lifting at all.
It does depend on the individual engine and a larger boiler is easier to manage by reacting more slowly, but it's all still part of the fireman's art!
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A Digression but Related!
My club built a 7.25 "g. version of LBSC's Juliet, for portable track use. We found it possible to keep it simmering with a dull fire, under watch but little other attention, for even a fairly leisurely lunch-break. Once, at a (full-size) TE Rally with the portable railway, my mate Norman and I had stopped for lunch with Juliet happy on high water, pressure at about 50psi from 90, blower a very gentle breath with an occasional little wake-up to keep the deep fire a soft red – all set for easy recovery.
A young man parked the roller he was driving solo, between us and the beer-and-chips tent about twenty yards away; and disappeared into it. After perhaps ten minutes its valves lifted, and were soon blowing hard. Some twenty minutes later again, we were wondering if it would be polite to give its gauge-glass a look when His Nibs re-appeared anyway, and put its injector on. For an appreciable time, too.
He saw us watching him, came over and enthused about how he was driving for its owner absent that day, and that as a fireman on a certain preserved railway "you should see how I have 'em blowing off!". All right, he knew that roller's characteristics (we hoped), we didn't. Even so…. Norman and I just looked at each other in disbelief…..