Your pict above is correct in all ways, the top screw allows air to pass from one channel to the other/cross flow. Seal up the left and right cross flow ends, once one has done a few it is only necessary to pierce one side and stop before the needle or drill pushes out through the opposite side leaving only one hole to seal up.
The two screws act just like the grub screws inside a common vent line on a chainsaw, they allow a little air to pass, when I cut the vent down I just leave the lower screw in place and make a very small/fine cross flow between the two larger air passages with a hot needle or if you have micro drills they will work fine also. On the first few cut downs I melted the top together with a soldering iron with a flat blade in it, works wonders to close off the tops of the air channels. A dab of JB will seal it as well and I like keeping the black vent base as it fits better and doesn`t look like a hack job when done right, this alteration works fine and I have not experienced any fuel leakage by cutting them down, just suites my personal preferences while other types of vents will surely work fine.