Dragging up an old thread... Installed the ScottOiler V-Strom edition on my '02 today. Got it working without a problem, got 1 drip per minute on the second try.
Instead of following ScottOilers advice, or advice from this forum, I looked around on the bike for an unobtrusive place to mount the reservoir (RMV in ScottOilers terms). I eventually found a space between the fairing and the frame on the right hand side which was empty. It's the same location as where the regulator/rectifier sits, but on the other side of the bike. I drilled four holes in the plastic of the battery tray to mount the RMV at an angle, on the outside of the battery tray. The vacuum line routes along the frame to the vacuum ports, the breather line follows the frame up to the rear, and the oil line is routed with a curve into the battery box, crosses over to the left side behind the battery, and then along a frame member to the swingarm.
Once you reinstall the fairing, there's just enough room between the fairing and the frame to unplug the breather attachment, so that you can fill the RMV with the bottle extension provided. You can also get your fingers in far enough to adjust the drip rate.
With the seat installed, nobody can mess with the system. In fact, unless you look very carefully at the swingarm, you wouldn't even notice it's there. I use the bike quite often to drive into cities where both parking and petty crime/vandalism is a problem, so I want to present as little opportunity to mess with the bike as possible.
I decided not to go with the easy option of mounting it in the tray under the seat, as that area is already pretty full with a compressor, rags, first aid kit and tire plugging kit.