I never had a probelm with venting into the atmosphere causing flooding to the point of a power loss but then again I don't have a AFR sensor on my car... yet.
The whole blowing off into the atmosphere idea comes from the big time turbos dumping huge amounts of boost off everytime you shift. If you look at the point of return on most bypass valves, like in your supra, its AFTER the AFM. Lets say you were running a substantial amount of boost, now you shift, and a shit load of unmetered air just got bypass dumped into the intake side leaning out your mixture and possibly causing all the problems that come with that. Now again thats with a bigger motor so its not that crucial an item with the typical 6-8lbs in a MK3. The big idea is that too much fuel might make your car sputter a bit but by then your already back on the gas shifting slamming more air into the throttle body and its not a concern. Too much air on the other hand, that means you lean it out and possibly melt something. =O
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