Hi PISTONPETE,
Normally what I'll do is attach a hose to the valve and then route it down torwards the belly pan. This helps keep any possible oil vapor away from the clutches. Usually you'll want the hose to terminate in a fairly dry area, so that it doesn't sit in melting snow/ice. Low behind the motor and away from the exhaust is a good spot.
Also on custom installations it is extremely important that the 90 degree fitting be attached to the hose that runs over to the air/oil separator tank. The valve flows air both directions, but if it is installed backwards it may not allow the breather system to flow correctly.
If your kit is the standard kit (without the ROVCM) then I recommend positioning the valve so that the solenoid end of the valve is angled upwards, to help the valve drain. (when the valve is installed in the air intake this automactically positions the solenoid upwards).
If your kit is equipped with a ROVCM, then there is a little more flexiability as far as how the valve is angled due to the strong closing power that the ROVCM provides.
HTH
Bill