Admiral,
I didn't read your post correctly, my bad.
The vented loop fitting is a baffled fitting that stops backflow of seawater. Let's say you're having trouble starting your engine. The worst thing to do is let your engine crank more than eight seconds. There is the possibility that this can cause seawater to be suctioned back thru your system. I hear there is a danger of this & your engine. There is a fitting atop the highpoint fitting, but mine is a screw cap. I feel that if this is left to free vent, this is not what I would want. The HP vent is to stop back suction, leaving an open hose for flow, I feel would defeat the purpose. I have the cap for 24 years with no problems.
Your best bet if having questions would be to contact a local engine rep & ask them what they recommend.
CR