You must have the full battery voltage fed to the sensor (or actually to the resistor network connected to the sensor), whether the sensor is in the FC or in the OSD. The Revo does not have full voltage connected to it, so you will have to connect that somewhere, FC or OSD.
Generally, it can be set up either way; connected to OSD and displayed by OSD, or connected to FC, a message sent from FC to OSD, and displayed on OSD.
Sorry, I don't know enough about OSD or setting up multiple OSD voltages to answer your questions.