You will get an alarm if the oil in the line backfeeds even a little bit, hence that's why there is a check valve in the tank. The alarm sensor originates at the VRO pump. The sqeeze bulb only needs to be used once if the oil line is drained or the equivalent, to avoid the alarm on start.
If you have air entering the oil line, the oil consumption goes up, worse, is if air is entering, so can be water.
Check your oil lne and all fitting. I don't see the need to have any other fittings between the tank sqeeze bulb, and the VRO oil port. And new hose is cheap enough if there is any doublt, use fuel line as I recall it's either 1/4 or 5/16 in. ID.
I had a leak in the hose at the fittings that was provided outside the engine, and the oil burned so much I could smell it at speed. I took the line out, and also found some water in it too. The fiitimg sat in the splashwell. Got rid of all fitting,s fule and oil, between motor and boat, on my 1992 twin 200 Johnnies.
Monitor consumption periodically, and also in the service manual there is a procedure to determine oil mix ratios at the VRO pump, if it is normal or abnormal.
A new VRO pump was about $250 as I recall, but they did sell rebuild kits.