That check valve is called a "roll-over" valve. It is MANDATORY unless you enjoy the thought of burning to death. No matter how you route the hose, there is a way your car can end-up (or end-down) that will have the tank draining out the vent line. The vent line should run to a fuel filter to keep dirt from being drawn into the tank, and then through the roll-over valve and then outside the vehicle (away from the exhaust pipe for the engine or gas-heater. Modern (post 1970) cars use a charcoal canister to collect the vented fumes and then they draw them into the top of the carb and burn them at startup. There is usually a vaucum or electric valve in this situation to avoid sucking gas fumes out of the tank while the engine is running. Really modern cars have a series of purge valves on the tank and a tank pressure sensor to control both the pressure in the tank (and only vent what is needed) and monitor for loose gas caps or other leaks in the vapor system (like holes in the filler neck).
For the roll-over valve to work, it should be oriented so that the valve is open by its own weight when the car is upright and closed when the car laying on its side with the tank above the open-end of the vent hose. As far as this valve blocking the flow of vapors out of the tank, that would be a mistake as the expanding fuel has to go somewhere. If you allow pressure to build in the tank (on a hot day after a fillup?) the fuel line to the engine will be pressurized and can overcome the float pressure (6psi max) and cause a flow of gas into the engine, leaking past the rings and into the crankcase. This leads to many possible outcomes, none good.
Bottom line:
All speedsters that are driven (even around the block) must have this valve. If you don't like smelling fumes turning, imagine how much you will hate it when you are stuck in the car, upside down, smelling the fumes.