Jdog,
That is one nice looking engine and you should not have to have any emission equipment on it as long as it is a 66 or earlier. But if you have the connection behind the carb. it might not hurt to just connect a hose from your breather to it so it looks as if you have a pcv valve. I have looked at two 66 Fairlanes that had the 427 and one had a single 4 barell and the other had dual 4s. The single carbed one had a pcv valve and the dual carbed one had none. But Iam not sure if the guy added the PCV valve himself as he said he hated the
oil blowing back out of the cap. The 427s that year were pretty much left alone and it was the 390s and smaller blocks that they started making have the junk on them. The biggest thing that I see wrong with your engine is that it is in your garage instead of mine.
Ron