The other problem with eliminating the canister is that the fuel tank emits vapors when the car is parked. Ever see a plastic gas can sitting in the sun that swelled up from the pressure? Don't want your fuel tank doing that, or shooting vapors into the intake manifold (which would backflow out through the air filter since the vapors can't go anywhere).
Nothing wrong with getting a junk yard canister and mirroring the OE hookup though. That's what I'm doing to save weight.
I don't see the fuel vapors coming out of the vent line presenting a huge fire hazard though... older cars vented the tank to the air (usually through the filler neck or cap). So do lawnmowers, and they vent it a few inches from the hot exhaust and cylinder cooling fins. I would avoid venting it into an enclosed space like a canister (or under the hood) though, if you do plan to vent to the air. Vapors are very hard to ignite at low concentrations... but when they're concentrated they will catch fire very easily.
