Thanks jangles, I have read this thread many times. Although your solution is mentioned throughout the thread, it has some flaws in it which include not really addressing the issue but instead trying to mitigate the subsequent excess oil result. Obviously without pulling the engine down I have limited options.
I'm pretty sure dry sumping it (although expensive) is a sound solution as it allows the car to be driven on the track without any associated oil issues. Part of the dry sump conversion involves a scavenge tank from the back of head plumbed back into the oil pump so it addresses the excess oil issue without creating any atmospheric component to the oil circuit and assisting with equalized pressure between crankcase and head.
Aithout choosing to go for this option, I believe the other most viable option is to go for an external drain from the welsh plug to the passenger side (RHD) of the sump, block the PCV and move the rocker baffles back to assist the drain back to return oil to the sump.