Your post doesn’t make logical sense. Either you are not communicating correctly or you are confused about the application of a nitrogen blanket on a storage tank.
For example, you state: “I need to dilute the cumene vapor by increasing the nitrogen blanket.” That means you already have an existing nitrogen blanket applied in the storage tank and you intend to increase THE NITROGEN VAPOR PRESSURE – or the total vapor space pressure in the tank. This also means that you must re-set the relief pressure on the conservation vent valve (or pressure relief valve) on the tank. You fail to state what the existing vapor space pressure is and what you propose to increase it to.
Regardless of what you increase the tank vapor space pressure to by increasing the set pressure on the nitrogen feed regulator, THERE IS NO CONSTANT VAPOR SPACE VAPOR FLOW OUT OF THE TANK. The tank “breathes” – it breathes “in” when the contents’ temperature is lowered or when the liquid level is lowered. When that happens, the nitrogen feed regulator admits more nitrogen blanket gas into the vapor space. This additional vapor space gas is not vented since the pressure relief valve is always set higher than the set pressure on the nitrogen feed regulator. (and both pressures SHOULD BE WELL BELOW THE MAWP OF THE TANK).
The tank also breathes “out” – when the level in the tank is increased due to pumping in liquid, or when the contents’ temperature is increased. When this happens, the vapor space pressure is increased and the conservation vent valve (or pressure relief valve) on the tank opens and relieves the built-up pressure in the vapor space. But ONLY THE EXCESS VAPOR PRESSURE IS VENTED, the relief valve seats back at the set pressure. It is only during this time duration that some vent vapor is lost to the atmosphere and during which time a vent condenser would be effective. The vent condenser would have to be installed down stream of the relief valve and any collected condensate would have to be collected and pumped back to the pressurized tank or collected elsewhere.
The above is what is “possible”. I don’t understand your question about what “is possible or not”.