Robert,
If or not oil separation is a concern depends on the application and if or not it can be regarded as excessive.
IP 121 is a good measure for storage stability as a result of oil separation.
Some oil separation is required to provide sufficient lubrication. It should not be <0.5% according to FTM 791 at the operating temperature and preferably not >6%.
An IP 121 ranging from 1-5% is normally regarded excellent and FTM 791 should be between 0.5-6% at the operating temperature.
Thickener content, thickener type and base oil type affect the oil separation rate as well as method of manufacture. Method of manufacture you can't do much about except picking a quality supplier.
NLGI 0 grades typically have oil separation >5% because of very low thickener content so going for a higher consistency can reduce bleed.
Switching to a synthetic e.g. PAO could also improve bleed as thickener content is typically 25-50% higher due to poor solubility of the thickener in PAO.
However, if you are using a mineral oil based product it also depends on type of mineral oil. Products based primarily on naphthenic base stocks have poorer oil separation but lower cost due to a lower thickener content than those based on paraffinic base stock. The VI can give you a hint to the origin of the base oils.
Switching to lithium complex could also improve bleed as this thickener type hold the oil better and typically reduce separation by half.
If the oil separation corresponds to a couple of paper cups in a 400lb drum just pour it off. It should not have any significant impact. If you are referring to a couple of inches on the surface then I would say you have a problem.
Don't ever try to mix in that separated oil!!
Question is what is the actual grease requirement of those valves and does it have to be an NLGI 0 and does it have to have the type of thickener you currently use?
Cheers,
GG