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I'm still trying to figure the cheapest way to make a good-looking one, rather than install an expensive aftermarket one. You will get sluggish response if you don't maintain adequate flow, as I suspect many people experienced with the compressed air filter mod that floated around the forum. The trick is to slow the flow through a large surface area without causing a large pressure drop. I hope to make one out of PVC (painted black, of course) that's cheap enough to throw away since it will deteriorate over time from the heat. The packing will be plastic "brillo" pads (similar to the material in the old PCV filters used in air cleaners, e.g. a '71 Olds) loosely packed and will have a plugged, vinyl tubing pigtail at the bottom for noting collection of oil and emptying. If I had the motivation, I'd use stainless braid hose and drain back to the crankcase like is done on airplanes....that way I wouldn't be wasting my Mobil 1.
I made one like you are talking about, I bought black PVC pipe from Home Depot to build it out of, so I wouldn't have to paint the white type. I'll try to make some pics of it tonight when I get home from work. It seemed to help a little on the oil in the intake problem, but some still gets thru.