you can run a blow off valve. bypass is basically just for MAF equipped cars that need measured air kept in the system and not vented away (it causes a rich condition, since the computer has accounted for XXX amount of air and has added fuel accordingly then you go blow it off)

for a blow through, you can run a blow off to atmosphere. im a newbie to the carb world but i cant see any reason venting off what would be compressor surge/back pedal causing an issue as the air only really gets measured prior to going to the intake.