Well, the main problem would be with fluid splash I suppose. But why was the original vent removed?
It pretty much had to be vented when it was built, or you would not have been able to keep seals in it.
Most of those if I remember right, had the vent as part of the brake T on top of the axle tube.
If you still have that fitting on the tube, where the two brake lines split to each rear wheel, look at the top of it.
There should be a hole there that goes into the axle tube for a vent.
The fitting may be broken off.
Not uncommon.