The vent hose you are talking about, is it the one that connects to the valve cover right by the oil filler cap? I belive that this is nothing more than a hose that allows air to escape from the crankcase. Usually it's routed from the valve cover by the oil filler cap to a fitting on the throttle body, but maybe with vortech installations it's no longer routed to the throttle body and is literally vented to the atmosphere. I'd go with the suggestion like you already have and rig an overflow can (like a radiator overflow can) to catch to oil.
I'm not sure why the say to put it near the air filter. I think it may be that the end of that hose needs to be at a certain height compared to the motor, but then again maybe they just wanted to hide it so they stuck it in the fenderwell.
Hope that helps, and thanks for the good words, i'm glad you enjoy the site.