It is batter to install bleed ring after isolation valve, it will be usefull to drain Level gauge for maintenance purpose, no use before installing Isolation valve, definately you r not interested in draining process.
But problem is that, if u r taking tapping from piping through bleed ring for level gauge then there is no choice for u, u have to put isolation valve at the outlet of bleed ring only. which i can not make from your requirement.
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