I have Jim's reed valve on a Rickman, oil in frame.
Jim was very clear that I should not vent this to atmosphere, for the reasons Nigel mentions. This made life a little more complex with the Rickman since they originally did not return the breather pipe to the 'tank'.
The outlet from Jim's breather is 3/8" OD and the return to my Rickman frame is also 3/8" OD. To cover concerns about returning oil to the tank completely unfiltered I have fitted a screen filter designed for turbo oil feed filtering on cars, in line with the 3/8" hose. Fittings are are 6mm internal bore! I am pretty sure there is no concern with restriction and there is clearly, positive pressure in the tank, which makes sense if you have achieved negative pressure in the crankcases!
I do have the 'tank' vents (2 off at 1/4") running to a 0.5 litre catch tank and some oil does collect in this. The amount accumulated seems to vary with the amount of oil I put in the frame, last time 4 track sessions produced around 150ml. The frame will take 6 1/2 (imperial) pints or more, but it seems better with 5 to 5 1/2 pints, which is plenty. I don't find the tank breathing unusual, since this is a race bike application and is revving hard most of the time, other breather arrangements I have used racing have always produced something in the catch tank, often much more that this,maybe 0.5 litre in 4 track sessions.