i wouldnt re-use it. since it was once a mist coming from the crank case, there is probably a strong concentration of water in it, making it acidic. its not like we have turbo cars though and you need to empty it every 3 weeks or whatever.
i have a double setup in sequence on mine and i left the filters in. 500 miles have been put on the setup so far and it seems to be working very well. the first has about a half inch of oil in the bottom and the second just has a brown tint. so just one filters quite a large amount, probably 85-90% however the second still has residue but there is no puddle on the bottom. it may be more effective if the filter kept in place and steel wool is placed in the resevoir to help collect the oil vapors. either way the double filter setup is superfluous and only one should be needed to show results.
i plan on sea foaming the intake manifold soon to clean out all the gunk from the 116k miles on the d16z6 and then i will see how wonderful this mod really is. i am going to wait for my spark plugs age first though.
bottom line: the single home depot catch can definitely works!
don't waste your time or time will waste you