I think the vent line in Lioneslingers photos is too short to buffer the pressure pulses. Many Velocettes use a line from engine to oil tank and a line along the fender as you suggest. It is well known that the length of the lines is rather critical to tuning the vent system to work properly. I surmise that changing the length of the line may improve the amount of mist experienced. That said, I use a xs650 reed valve between the tank and engine vent. I vent my tank to the air but have never used a filter as there I cannot envision a circumstance where dusty air would be pulled into the oil tank via the vent., assumint the line is long enough,
I most definitely do not use the vent into the filter and have blocked the filter connection to the spam can. Years ago my combat seized an exhaust valve directly opposite the vent inlet to the spam can. The result was fairly complete destruction of the right cylinder with the head, barrel, piston, and rod being destroyed and the valve head coming out the back of the engine case. BIke still ran on left cylinder.
I am convinced the engine failed because the factory oil level dipstick was too short. This was in my early years of owing british bikes and dry sump engines were still new to me. I noticed on a 3k mile trip that the oil was consumed faster when the tank was at the full level but did not deduce that this was being blown into the vent tube. I believe this was before using a pcv valve on the engine breather. Over time the oil from the vent encrusted the right exhaust valve stem. Once I quickly stopped at a rest area at the top of a mountain and I believe the exhaust valve stopped open so it did radiate its heat to the seat. On starting and riding about a half mile on the interstate, the valve seized open, the piston knocked the head off the valve causing engine carnage.
Moral, make sure you have the longer dipstick and keep the engine oil below the level that causes the oil consumption. Also, I would never again route a norton oil tank vent into the spam can. Thus, I must disagree with Greg in that I do not believe venting into the filter is beneficial to reliability.
Best to all.