Have you looked at any manufactured ones?
I have and I will come back with what I have seen and some info I have gleened over the years.
The most important thing is to have an outlet at the bottom of the tub and the return inlet near the water level, and the intervening pipe must have nowhere where an air bubble can form.
IE it slopes evenly to the heat source, has horizontal coils in the heater each ring stepping upwards but not above the pipe outlet at the tub.
If you have vertical coils you will either allow pressure to build up, allow air bubbles to form and the thermosyphon effect will stop.
That is when it may blow up!
I dont believe an overpressure valve is needed, because the pipe
should be short and open at both ends anyway.