This seat is at one end of a filter housing - the other end of which is a ball valve with a weak sping, which ostensibly allows pressure to build, releasing said ball valve and allowing oil to flow through the engine at pressure.
Not quite - the PRV, as its name implies, releases
excess pressure. Under "normal" operation it's closed, making the oil flow through the main and big end bearings. It opens if the pressure seen at these bearings exceeds the design value and in fact that oil is generally used to lubricate timing gear etc.
It's fairly normal for the valve to open with cold (especially straight 50) oil. I would actually consider that to be too heavy for most bike engines - my ES2 and other bikes I've had all seemed perfectly happy on 20W/50 which of course is much thinner at start up. Although some will disagree.
I'm slightly alarmed by the "plenty of silicone" remark - this stuff has a horrible habit of going where you don't want it to.
It wouldn't be a good idea to just increase the spring value. Are new ones available from the Owners Club / Steve Surbey?