Well, it would stop air being drawn . I'm wracking my brain for a setup we did back in the 80's with the Glow Worm fuel saver boiler - seem to recall 22 coming out of the side of the F+E (25mm off the bottom) then after about 300mm a T rising about 55mm and then a 45 bend to take the vent up+ over the F+E. (Had a diagram of it somewhere .) After the T another 150mm or so then a bend downwards and to the flow and pump. 'twas a glorified combined feed/vent and was for low head installs - similar to what you have. You might find it in an old install manual ( on t'net)