The problem with that is what if your battery wrap becomes damaged? If the wrap is damaged and the metal comes in contact with the inside of your mod, then the whole body of the mod becomes a negative terminal. This can be either "bad," or "really, really bad," depending on the situation:
Normally, the positive end of your battery contacts the 510 pin, and the negative doesn't contact anything when the switch is open. When the switch is engaged, it contacts the negative pole, electricity flows through the mod body, the atomizer, the resistance wire, and eventually back down to the 510 pin and the positive pole, and completes the circuit. If your battery wrap is damaged and the battery body contacts the mod body, it will close the circuit and your mod will auto-fire without pressing the switch. This is not good, but it's not the worst thing that could happen.
The worst thing that could happen is if you have the battery in upside down, so that the negative end contacts the 510 pin. Now, if your battery wrap has a hole and the battery body touches the mod...nothing happens, because both the mod body and the 510 are in electrical contact with only the negative end of the battery. However, as soon as you throw that switch, it contacts the positive pole of the battery, and sends it through the mod body. Now, you have both the positive and negative ends of the battery in electrical contact with the body, and you have a hard short. Bad times will be had by all. Venting or no, this is probably not a situation in which you would like to find yourself. Just put the battery in the right way, and it won't be an issue.
I use a Panzer (clone) mech mod. It has four vent holes near the bottom of the 18350 tube. Since the tube is vertically symmetrical except for those holes, all I did was flip it around so they were near the top of the mod, instead of near the bottom. I know this won't work with all mods, but it works well enough for me.