Hi, you probably could turn it round to vent to atmosphere. Be aware though that if the seal is not perfect then you will end up with an air loss and as such an ecu fault as the 'measured' air will not be the same as the air entering the throttle body. this is not so much a problem on the re-circ standard one as it would stay in the system.
Actually thinking about it, im sure the standard valve uses the vacuum created in the cold side of the air pipes to seal the unit when on boost. As such i dont think you will be able to use the same valve as a vent to air BOV.
Better to spend a few quid and buy a purpose built BOV. They are stronger than the plastic standard ones anyway.
Good luck, Steve