I thought of that as well but i think it would be a PITA.. I was gonna change the oil pan gasket anyways, so i just wanted to know if it is ok to do. I dont know if the oil will make its way back up to the oil separator.. I dont think the oil in the pan is under any type of pressure..

That would be the proper solution if executed well. The oil shouldn't make its way back up. I do not have any problems with it routed into the air intake.

My friend I have the same ordeal you have. I have NO return hole next to the turbo drain line either. What did you end up doing with the return line?

You don't get a runaway from a small amount of fuel entering and combusting. You get runaway from an absolutely uncontrollable volume of fuel entering... as in, a garden hose of oil being pumped straight from the oil pan into the intake, a constant line supply of diesel being intaken that can't be stopped... that kind of thing. Runaway occurs with an unstoppable volume of fuel that can't be stopped from combusting. A few drops of oil aren't going to cause a runaway, unless enough oil travels through the line to keep the cylinders firing with no extra diesel fuel. If this is the case, then you'd be running out of oil frequently.

Mine is an 84 300SD as well
 

-And I don't have an oil separator either. -though mine was Japan for most of it's life... Just plumb into the U-bend, that is the way mine came from the factory. pic attached (No EGR either:D)