If a large amount of gas (say, more than 2 inches) builds up, it can cause issues with dry running your pump in the event of a power failure (i.e. power shuts off, gas is able to backflow into the impellor chamber of your circulation pump, power comes back on, pump runs dry, pump burns out). A check valve can be helpfull here (I currently don't have one installed but have been speaking to Tom et al about what to use; I am keeping a careful eye on how much build up I get).
As inkslinger mentioned, once your CO2 shuts off the build up gas will eventually dissolve into your tank and be gone by the morning.
The build up gas will progressively have an impact on flow rate too.
Oh, and as for the misting, same as inkslinger, I didn't find a lot of mist going back to my tank, I generally found that it would either dissolve inside the reactor second time round or end up churning it's way around and around the venturi loop.
If your AM1000 will be somewhat underwhelmed, then the venturi loop idea could work fine for you. If you are pushing the AM1000 pretty hard, I'd probably leave it off as the churning does get pretty noisy and there is also the risk of dry running the pump toward the end of the photoperiod.
Scott.