I'd think you'd face possible oxygen issues. Yes, normally in fermentation the O2 is being pushed out the airlock, but remember how many cycles of purging a keg is required to get the O2 down to very low levels. Your yeast making CO2 is akin to purging a keg, albeit at a much slower rate.
I've always accepted and hoped that in my 5-gallon batches the CO2 produced by fermentation eventually eliminates most oxygen in the headspace. But I haven't ever tested it, and don't know how I could. All I know is that I don't detect oxidation in my beers, and others with better palates than mine haven't either. So maybe it works.
Now, in a 40-gallon fermenter with 34 gallons of air-filled headspace, how will your tiny 5.5 gallons of fermenting beer do with purging that headspace? My guess is you'll still have a fair amount of O2 in there. Now, will that matter if you rack out from the bottom and leave that CO2/air behind? Doubt it, but would oxidation have already begun before you did that?
Something that would fill up most of the headspace and turn it into deadspace might work--the beachball idea is the right kind of idea for that, don't know if it'd work or not, and cleaning that beachball might be interesting.
Or, perhaps you could pre-purge the headspace with CO2? Get most of the air out of there, and then depend (hope) on fermentation clearing most of the O2?
On the plus side, you probably wouldn't need to concern yourself with a blowoff tube....