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You can buy the Jaguar oil separator(JLM20709) for about $50US. You then cut your existing hose, tie in the separator and run a small hose from the bottom to a can or whatever catchment device you like. You could even buy a used dipstick tube that has been modified (or modify your own) and then the liquid oil would just return to the sump.
The problem is not about oil consumption, rather that oil finds it's way into the intake and eventually coats and then hardens on the throttle disc causing all sorts of problems with idle and drivability.
Britishparts sells the oil separator kit pretty cheap - i have bough it myself, but haven't tried fitting it yet.
it comes with the modified dipsstick.