Hey everyone,
I skimmed through this thread and caught the jist of it i think. This is an inevitable subject on any forum regarding turbocharged vehicles. re-circulating the blowoff valve is the way to do it, not because of the noise or anything like that, but because the MAF sensor is sending information requesting a specific amount of fuel while taking into consideration the air that is currently in the system. When you vent to the atmosphere, the MAF doesn't know that the air never made it to the engine, so your mixture will be rich for short periods of time.
The negative effects are negligible and your car isn't going to blow up because of it, but it is something to consider if you are looking to run your car under the safest conditions.
Secondly, if you are going to run a blowoff valve or bypass valve, you want it to be as close to the throttle body as possible, not right in front of the turbo. Again, not a big deal, but it will do less to impede the flow of air.