I don't have a TimeMaster (yet, still thinking about it) but you don't have to worry about where the vent is in the cap.
Put an inline fuel shutoff on the line from the lower tank to the carb. This will prevent fuel from backing up from the upper tank and coming out the vent in the lower tank. When the upper tank runs dry, open the inline fuel shut off valve to use the fuel in the lower tank. Just like a reserve tank on a motorcycle. BUT remember to shut off the lower tank BEFORE refueling.
Oh, and Hello. 1st post.