My rear tranny vent is hooked to my oil bag vent on my old long bike. It connects to a tube that sticks up in a little nubbin at the top of the oil tank above the oil level. There's no issues with connecting them and the pressure in the tank is relieved through the tranny vent into the engine. I havent had a problem.
On that bike, however, the line is much higher than the oil level so it would be pretty hard to get oil down into the vent tube from the oil tank. My new tank is vertical, and small (2.5 qts max) and the vent tube is only about 1 to 1.5" above the oil level at the front, so under heavy braking or a dope endo I could potentially flow oil into the vent line and down the engine. My guess is that the pressure from the tank (if any built up at that time) would push the oil down into the engine as long as the pressure required to pop the oil cap off was greater than the pressure to push the oil down.
I think I'm just thinking too much at this point, but curiosity always gets me.
Hinomaru, I'm not sure how those separators work unless the vent tube faces downward into the tank where they are installed, but thanks for the info.