Capping the vent for the tank will do some things......I'm not sure if high fuel pressure would be one of them, although its ENTIRELY possible.
All that vent's doing is essentially what the "vent" hole on a gas can does. It allows air to replace the space occupied by fuel once you start suckign fuel out. Does the reverse when you start pouring fuel in.
Its vented through the charcoal canister to keep fumes down, other wise you'd probably smell fuel coming out of the hole.
I've seen gas tanks collapse inwards from a plugged vent + heavy duty fuel pump.
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