Aha - thank you, that makes sense in that there is a shared breather essentially. I have checked the bolt and it is fact the right one with a hole and not blocked (can blow through it). Given the amount of pressure (I am assuming it is high), there is no oil residue around the bolt. I took the speedo drive out and it all looks fairly clean inside - no corrosion/gunk but also no oil residue. So I am wondering whether the link between the driveshaft and gearbox is blocked. Can you get at it by just removing the boot and have a bit of a dig around with a wire? Alternatively, and back to my original post, maybe a certain 'hiss' when changing the oil is normal and I am over thinking it? Given my test with a pressure release valve, it is at least 0.5bar.
I'll pop out for a quick ride and see if I get a hiss from the gearbox by pulling out the speedo drive. If not, and the driveshaft still hisses, I think it has to be the link between the two.