Kind of a stupid question. Could I just run the tube from the valve cover into a vented "puke tank"? Would this keep the air filter area any cleaner? Is there any advantage or disadvantage?

You can buy or make a catch can to collect oil while letting vapor continue on its intended journey. Shops like jegs.com and summitracing.com have a variety of catch cans. You can make one out of a length of PVC pipe, a couple of fittings and some plastic scour pads.

Maybe this is what you meant by puke tank.

Sixto
91 300SE
87 300SDL
83 300SD

I've actually seen guys with hopped up sport bikes use baby bottles held on with zip ties for this purpose! Do you think there is any sort of advantage or will ir extend the lif of my air filter?
Thanks

I don't know what car/engine you're talking about.

In the 617 turbos and 603s, the crank case purges downstream of the air filter so it shouldn't make a difference one way or the other.

The advantages I see are that you'll cut down on smoke and you'll keep the intake tract cleaner if the EGR is disabled. The intake charge will also be a little cooler.

Sixto
91 300SE
87 300SDL
83 300SD

Dodge uses a bottle for the Cummins, it's not the answer.
The vapor is oily and attracts dirt, it also smells. Get the new style hose and keep the plumbing inside the air cleaner housing and the drain pipe to the pan in good condition and you will have no problems.