I wrestled with this question as well. The combined engine water & fume exhaust location is indeed well above the STATIC waterline. However, when powering at full throttle (all diesel engines actually benefit from running at full throttle about 10% of their operating time to minimize the accumulation of blockage in the exhaust elbow), the outflow location is NOT above the DYNAMIC waterline. Simply stated, at full throttle the stern "squats down" and the exhaust actually goes underwater!
I was concerned that this might draw seawater into the bilge. So, while Nancy watched the bilge, I ran the engine at 3000 RPM making almost 7 knots, and noted that the exhaust was indeed underwater. I called to Nancy to report on the bilge. "Nothing coming in" was her response.
Thus, I concluded - as have others - that a check valve is / was intended to stop "backflow" after the bilge pump has been turned off. Not worth it IMHO. Because the C-34 has a keel stepped mast, rainwater will inevitably find its way into the bilge. Thus, even though in my wildest dreams Pleiades' bilge is bone dry and tidy, in reality she almost always has some water in the bilge. During the summer, while at anchor when cruising I will occasionally wipe the bilge with a sponge & bucket to get it really clean and dry. Otherwise, about 1/4" to 1/2" of water in a C-34 bilge is normal. Even if you DO install a check valve, this will still not eliminate rainwater.
Dr. Paul Jacobs
Pleiades
1990 MK 1.5 # 1068
Tall rig, Full Keel
Yanmar 3YM30 (2014)
Wickford, RI