Can you see if the vertical pipe is higher than the water level in the F&E (feed and expansion) cistern, if any portion of the pipe is above the water level then it can cause problems as it will try and drain down to the F&E cistern water level each time the pump stops and possibly air in that upper portion of pipe.
Can you also follow the pump inlet (bottom) pipe back and see where the vent and cold feed enter it, there should be two pipes, probably a smaller diameter one (cold feed) nearest to the pump and the larger one (Vent) not more than 150mm further on, it might also be done like in my 52 year old system below.
Anytime you feel like it, run on HW only which may need upping the cylinder stat a little, as soon as you have done this, check the pump power, if its still only 35W (ish), open the manual bleed on the vertical pipe to expel any air, then close it and again note the pump power.
To see if the MPV is staying on HW only (port B) pull on the manual lever, there should be a immediate fairly stiff resistance, then release it, the valve shoud then return to HW only on its spring return.
Also, lokk into the F&E cistern to see if there is any sign (there shouldn't) of water pumpiny over through the vent pipe.