Sorry I am so slow, stuck in New Jersey. Tom is spot on.... with a SLC processor you will need to use analog cards to do all the control and feedback to and from the valve.
The one thing Tom left out is the raw data that the SLC processor uses to reference the 4-20mA signal. For an analog input card (1746-IF8)the raw data is 3277 (4mA) to 16384 (20mA). The actuator should have a position feed back so you can track the valve position (maybe not).
For an analog output card (1746-NOI4) the raw data spans 0-21mA..... 0mA=0 raw and 21mA=32767 raw. For a 4-20mA signal, the raw would be 6242-31208 respectively. Ths would be used to control that actual position of the valve.
If using an HMI to enter a setpoint, you would probably want to enter it in a percentage (0-100%). In the PLC you would then put you setpoint into a SCP (scale with parameters) command. The input being the setpoint, the min and max raw would be 0-100. The min and max inEU (EU stands for engineering units) would be 6242 and 31208. The output would be tied to the actual output card to the valve. The SCP will scale the 0-100 setpoint to a raw value that the valve will understand. 0% would be 6242 and 100% would be 31208 (4-20mA).
You can manipulate the setpoint in the program with algorithyms or PID loops, this is how we apply this.
Hope this helps, hit me back if I have missed something.
-J