It's funny that using an air line filter/separator is mentioned, since that's exactly what this Steeda Motorsports part is:
http://www.summitracing.com/parts/SDA-555-3710/?rtype=10
FWIW, catch cans and various other types of separators are a needed item on drag race built engines, you don't want your shiny $10k engine slobbering oil all over itself. The most common version is plumbed into the exhaust, I do mine so I have a 1/2" tube running into the center of the header collector, right where the four pipes merge on the V8 headers. I also run the tube tight along one of the runners to pre-heat the charge, so it burns cleanly.