Alex,
I think you need to step back and take a look at what you want and consider fluid dnamics a little. If you have a carb setup, the return can be a little below the fuel level without any harm. A little back pressure is not going to affect the regulator with the flow you will have cosidering the fuel pump. If it does your only talking 1 maybe 2psi max. If you are using EFI, you have a 40# regulator and you would have to have the return lower than the height of your tank to be an issue.
Considering the vent. You will have a sealed fuel filler cap and you have to have a vent somewhere. It needs to be somewhere above the fuel level when full. otherwise when the fuel is heated, say after a casul drive somewhere, and the heat of the engine affects the air above the fuel level, the air has to have somewhere to go. Thus the vent. So if it is below the fuel level at any time(think parking on a slight incline) it will be forced out onto the roadway which is not a good thing. So I would think it needs to be above the highest level the fuel would ever be. That or you need two vents, one on each side of the tank, or front and back. This will keep the fuel in the tank where it belongs.
I also think you need to give the discriminator valve another thought. Its purpose is to let air in and out of the tank as the level changes. The valve will close when the fuel rises up in the line from a surge or from a bad parking angle. Under that senario though, the tank would become pressurized, requiring a second line. If you dead set on not using a discriminator valve, then you should think of a system like an overflow tank for the radiator, where there is a way to suck the fuel back into the tank keeping it off the street!!
Bill