You may also bump into code issues along the way here, FWIW.
I wouldn't dream of not having some sort of exhaust system to the outside. I've done them in old houses and newer ones and it's not as difficult as you would first imagine -- especially if you're going to do a complete remodel. Recirculating "vents" are useless IMO. Ductwork ain't rocket science -- you just have to get past punching the hole through the wall or roof.
Having said that, if you want it to look "conventional" (i.e., "normal") with no current venting arrangements, you wouldn't do wrong in having the cabinet immediately over the range at approximately 15" above the bottom of the adjacent wall cabinets, which themselves are typically 16" above the countertops. This would be 31 - 32" above the countertop. This would allow you to put a "stock" (Broan, etc.) hood or a microhood over the range in the future. If you're taking the walls down to the studs, bring a 20A dedicated circuit to the area over the range so you can wire in a microhood later if you change your mind.
HTH
:kermit: Steve