I have read that old German brewers would try to make as much of the krausen blow off as possible, or some would even skim off the Krausen from fermenters. Some old brewing books I have read also advocate filling the carboy up to purposely causing Krausen to blow off. I have tried both ways with the same recipe and have never noticed a difference. But then again if it works for you do it! I can say the majority of home brewers I have meet do not worry about Krausen affecting taste of beer. We use blow off more to avoid a mess than for any benefit to the beer.
Clarity is the same whether you allow for blow off, or use a fermenter big enough to contain it. You are correct in not letting the water over flow from your blow off bucket, it will make a mess.
I think it is better not to use a blow off, if you have a big enough fermenter. I notice some yeast will come out through the blow off, and I get goose bumps when this happens. Then again I do not think it makes that big of a difference after all it is only a small amount of yeast, but we brew beer to get the best possible beer and that is one obvious avoidable situation so why not.
The aroma that you smell coming out of the blow off also comes out of the airlock as well as the blow off tube, and this is fine no worries. You just do not want to be dry hoping or adding vanilla when your beer is fermenting that hard, then you will really loose the aroma from the dry hopping.
As you will find out, when it comes to brewing there are tons of ways of doing something. You are just going to pick a middle path and go from there.
Hope this helped some.