I used to notice the smell from venting but that was because I was missing the seal at the back of the hood so the HVAC intake vents were sucking in the vapors. I replaced that seal and it's no longer an issue.
A setup routed back to the pan would be ideal, but for how little I drive the car I don't worry about it, and just check/empty the catchcan periodically. During boost, the PCV valve is closed anyway, so all I'm missing is the vacuum suckage at idle and when cruising. I know the VCV is setup for the turbo to put a slight vacuum on the crankcase under boost, but I haven't noticed any drawbacks over many years of having it setup like this.
*edit* BTW, I change my oil about every 2500 on 1051. I change the oil in 503 about every 5000. But it still has the PCV/VCV setup like stock.