The reason for venting the deck is so that moisture from the concrete can escape thru the venting. The general principle is that concrete should be allowed to breathe and should not be totally encapsulated (as would be the case if you put a non-perforated metal deck on the soffit and a waterproofing membrane on top).
Where a metal deck is used on the soffit, it is required to be able to breathe when a waterproofing membrane is placed on the top surface -- see CSA Standard S413 (although this Standard is for parking garages, the general principle applies to other structures).
The issue of venting has nothing to do with whether the waterproofing membrane leaks or not. If it leaks, you are in trouble irrespective of whether the deck is vented or not. Acoustic deck has punched holes that may be sufficient for the venting, but the juice from the concrete may come thru the acoustic perforations, although that mat be acceptable. There are membrane people (such as Neoguard) who claim that their membrane is "breathable" but there are no standards for breathability, so I am not comfortable about it. A few years ago membrane manufacturers would not warrant the membrane if placed on slab on un-vented metal deck. Not sure what their current position is.
I have to run now but on the weekend I can send you the excerpt from CSA S413 that deals with this if you like.
If there are corrosive deicing chemical applied in winter, then the steel deck is even a worse idea.
The whole thing would be much better if it were a formed soffit and not a metal deck. Yes it is more expensive to form it, but you tend to get what you pay for.
Sounds like you have an unwise client if he/she says that leakage is acceptable. Don't become a prostitute by going along with something you know is wrong. The person telling you leakage is ok, will have disappeared when the leakage occurs and you will be left with the problem.