GOOD NEWS!!!!
As suspected, when I went to look at the old pipe from the VTS shell, it was damaged with a hole worn through in it (i'm sure this was the reason we didn't use it first time around).
Rather than going to the hassle of dropping the tank to put on a broken part, I decided just to unplug the blocked t-piece on the vtr pipe.
Wasn't entirely sure what the chances are of fuel actually ever making it in to those pipes are (at least while the car is the right way up!!) - however, rather than take the chance with that - I just ran a new pipe from the t-piece to as high in the car as I could and had it venting to atmosphere out the top of the rear quarter window.
Not pretty, but for the sake of proving a theory it did the job.
Car ran flawlessly all day long at knockhill yesterday - didn't skip a beat and punched above its weight all day long.
Suggests to me theres perhaps a problem with the white valve itself although it sounds like the ball bearing is moving freely so not sure what else can go wrong with them - but for now i'll probably just tidy up what I've done and fine a more permanent home for the 'new' breather I've made.
Thankfully I can stop pulling my hair out for a while which is good - i'm running out of the stuff!