TWIN ENG SMA MAKING A PRACTICE VOR APCH TO RWY 32 PASSED IN CLOSE PROX TO A CORP JET THAT TOOK OFF RWY 14. TWR HAD TOLD THE SMA TO ENTER A 3 MI L DOWNWIND FOR RWY 14; BUT RPTR THOUGHT HE WAS TO RPT 3 MI FINAL THEN BREAK OFF APCH. THE SMA AND THE CORP JET HAD EACH OTHER IN SIGHT; BUT THE CORP JET FELT ACFT PROX WAS TOO CLOSE.

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OUR FLT PROFILE REQUIRES US TO PRACTICE AN ILS AND VOR APCH. TO MINIMIZE TIME; THESE APCHS ARE USUALLY DONE VFR WITHOUT CONTACTING APCH CTL. WHILE PRACTICING APCHS TO RWY 32; THE ACTIVE RWY WAS RWY 14. WHEN OPPOSITE RWYS ARE IN USE; NORMAL PROC IS TO BREAK THE APCH OFF AT APPROX 1 MI AND JOIN THE RESPECTIVE DOWNWIND OR BASE. AS WE WERE ON THE FINAL APCH COURSE TO THE VOR RWY 32; WE HEARD THE TWR TELL US TO RPT A 3 MI FINAL WHICH WE ACKNOWLEDGED. AS WE APCHED A 3 MI FINAL THE CTLR TOLD US TO ENTER A L DOWNWIND TO RWY 14. AS WE BEGAN TO BREAK OFF THE APCH TO ENTER THE L DOWNWIND; A CORPORATE JET HAD DEPARTED OFF RWY 14. WE HAD THE ACFT IN SIGHT AT ALL TIMES; TOLD THE CTLR THAT WE HAD IT IN SIGHT AND IT WAS 'NO FACTOR.' THE CORPORATE JET PASSED OVER US AND RPTED THAT WE WERE TOO CLOSE. CONTRIBUTING FACTORS: POSSIBLE MISCOM BTWN THE TWR AND US. AFTER SPEAKING WITH THE CTLR HE HAD SAID THAT HE TOLD US TO ENTER A 3 MI L DOWNWIND; WHICH WE NEVER HEARD HIM SAY. THE CTLR AT THE TIME WAS SOMEWHAT BUSY WITH APPROX 3-4 ACFT IN THE AREA. THERE WAS ALSO LOTS OF RADIO CONGESTION GOING ON BTWN OTHER ACFT AND TWR. CORRECTIVE ACTIONS: LATER; THE CTLR TOLD ME THAT PRACTICING APCHS TO RWYS WHEN THE OPPOSITE RWY IS IN USE HAS ALWAYS BEEN SOMETHING THAT WE HAVE BEEN DOING; AND IT HAS BEEN A PROB; BUT THEY'VE NEVER NOTIFIED US ABOUT THIS UNTIL NOW. POSSIBLE SOLUTIONS CAN BE TO LIMIT THE DISTANCE TO THE RWY THAT WE CAN CONTINUE THE PRACTICE APCH AND MAKE IT CLRLY UNDERSTOOD BY BOTH PLT AND CTLR. HUMAN PERFORMANCE: FORTUNATELY; BOTH ACFT; US AND THE JET HAD EACH OTHER IN SIGHT AND WERE ABLE TO AVOID EACH OTHER. ACTIONS THAT THE CTLR SHOULD HAVE TAKEN COULD HAVE BEEN TO; 1) HOLD THE DEPARTING ACFT UNTIL THE DEP PATH WAS CLR; ESPECIALLY WITH AN ACFT OF THAT DEP SPD; AND 2) LIMIT THE DISTANCE FROM THE RWY THAT WE CAN CONTINUE TO PRACTICE THE APCH.