The problem you have is common (more with turbos than SCs because turbos are more common than SCs) and a catch-can is the generally-accepted solution. You do NOT want oil vapor making its way back into your intake; that stuff is nasty and will get things dirty, and decrease octane as you mention.
Also, if you blow your engine at the track, the catch can will catch the oil instead of dumping it all over the track. So the car behind you won't crash, and the driver will be appreciative.
Just make sure you set it up so you have easy access to the drain valve.