If the fuel can't flow out of the return off the top on the injection pump the engine can't and wont start. Thats exactly what the check valve and solenoid does. It shuts off the return flow from the injection pump causing the engine to die. Now how that happens exactly in the pump I don't know. I just know it works like that..
This is only partially correct. If for any reason the check valve gets plugged to the point where return fuel cannot pass, it will stop the engine from running. The solenoid that lifts the check ball has nothing to do with that. That particular solenoid is the cold advance solenoid and is lifting the check ball off of its seat, this lowers case pressure and allows the internal advance to gain a few degrees of advance and help the engine warm up. The shut off solenoid is the larger solenoid with two terminals. It actually moves the rack linkage and pushes it into the shut off position. This is the one that can get installed improperly causing a runaway.
To the op: did you have air in the system when you first started bleeding it out? Have you tried jumping the shut off solenoid from the battery like icanfixall suggested? When you say you have fuel everywhere but the return, did you check at the injection lines? Do you have smoke while cranking? What's the history of the truck, is it new to you, has it been sitting for any period of time, how's the fuel condition? A few questions to help us help you