Joe A,
Relocating components on the firewall can't be all that bad, just a pain in the rear.
As for the TKOII vent, all transmissions need one, but I'm not sure about how this transmission is vented. For sure, it would have to have a nipple for connecting a hose. Personally, I wouldn't bother unless you're going to race the car. The big one is to vent the crankcase and drain
oil drop-out back to the pan.