Paul B, I agree with your milk bottle analogy, but that's not what we're talking about here, is it?
Take a pipe, about 3/8" bore and 20" long, fill it with oil and seal both ends of it. Suspend 1 end about 12" above the other, form a small loop near the bottom of the pipe, the bottom of the loop being roughly 2" above the lowest end of the pipe. That represents the pickup, pump and gallery to the heads. Now unplug the bottom end - a little oil will indeed come out slowly, being replaced by air as you rightly say. The oil in the "loop" and all above it will stay where it is however, representing the fact that the pump gears remain primed for next startup.
Now, introduce a running clearance across the many bearing shells etc within the engine by making a hole - lets say 3mm, not unreasonable - and watch almost all the oil vanish down the pipe!
Here's the important bit...... fit an NRV anywhere in the length of pipe and the loop representing the pump will always stay full!!!!!!
Try it if you don't believe me, but don't shoot me down in flames before you prove me wrong. I didn't spend 26 years working with fluid dynamics and hydraulics in the aviation industry for nowt.