The timed "breath" exits via that banjo. Originally the pipe only went less than a foot down through the front RH engine plate and finished there. The series D breather (and Vincent improved things as they went along) had an untimed breather from a rocker inspection cap. This too had no PCV, but benefits hugely from having one fitted.
What I suggest you do is take out one section of the return pipe, the one that feeds the rockers, and see if there is a restrictor wire in the feed bolt. (The 1/4" BSF bolt that secures the banjo screws into it.) These wires reduce the flow of oil to the rockers, and were fitted as standard. Without them the oil scavenged from the crankchamber is returned quick-time to the crankchamber via the four rocker feeds, thus keeping the crankchamber full of oil which is then dumped via the breather. If there is no wire in the one you look at, there are probably none in the others. This MAY be the cause of your oil-dumping. The wires are 0.020" and a strand of clutch cable inner is about right. Heat it red hot and let it cool in air to anneal (soften) it. The wire is poked through the hole (which is about 0.030" and bloody difficult to spot), and wound round the stem of the feed bolt. This solved my problem, although my having a two-start pump was a major factor.
And if it makes no difference, it's easy to reverse.
Further advice is 1) join VOC 2) buy the books "Richardson" and "Know Thy Beast", especially the latter. Vincents are supported by very good literature, and it's well worth buying.
Here's the good news: Vincents built at the factory regularly went 50,000 miles with no trouble at all. People then did however worry less about the odd oil drip. I'm not paranoid about originality (I wouldn't be without my French button starter) but almost all of the problems I had were solved by a 50,000 mile rebore and refurb. And putting the restrictor ("jiggle") wires back in.