I've read lots of posts on this issue and still puzzled slightly. I understand how a PCV valve works. I currently have one going to the carb base and a breather in the other valve cover of my FE 427. I'm thinking of building a catch can with a breather on top and plumbing both valve covers to the can. I can't see what this would hurt. It sounds like people haven't seen ill effects either way with or without a PCV, as long as the crank case is vented well.
I personally like the idea of not burning
oil vapors thru the motor. Not sure how much this really lowers the octane, but my engine is probably on the edge burning crappy 91 octane fuel. I also don't care for the weeping valve cover breather either.
Mat