I've done the same thing with my fez. I too thought I could let it hang which in essence you can but you will have to buy a air filter for the end of it as this is the crank breather pipe. You do NOT want any dirt getting into that pipe or even anything clogging it up, as over time this will eventually blow your engine up!! And we dont want that!
Here's a link to what I bought:
This works perfectly!!
Hope this helps you out!