The biggest plus of relocating the breather is that it won't **** in water when the sudden cooling of a hot case drops the internal pressure. Ideally, the breather would be pressurized to 1-3psi, to keep water out, and vented the rest of the time. Even with that, there's still the risk of wheel bearings getting contaminated.
When I spent a lot of my free time fixing m35a2's and an m109a3, the best part about adding the fording kit and plumbing all the breathers into a manifold was getting rid of the breathers, .mil ones liked to fail if you didn't do regular checks, and overpressurize an axle until a weak seal blew.