PCV delete ideas/vent with catch can
The PCV system is nothing more than early emissions. Its purpose is to reburn crankcase vapors instead of venting them into the atmosphere like the old OCV (Open crankcase Ventilation) used to do. If you eliminate the PCV, you will need to readjust the carburetor's air fuel ratio, but other than that, there won't be any negative results. Some use the arguement that the PCV system aids in ring sealing, but this isn't true. As long as there is no pressure in the crankcase, the rings seal fine. When PCV valves become clogged and positive pressure is put into the crankcase because of crankcase vapors building up, then the rings seal can be effected. In other words, a clogged PCV valve will aid in the rings leaking. The old OCV systems rarely ever clogged, because the valve cover was vented with a LARGE pipe. Some of the older Fords like the Rustang and Falcon had OCV pipes coming right out of the side of the BLOCK. I had a 64 and 65 Falcon both with the 170 six and that's how they were vented from the factory. Read about the PCV system and it's origins here:
http://en.wikipedia.org/wiki/Crankcase_ventilation_system
As you can see, it all actually came about because tanks and other equipment needed a closed system to keep water from entering during fording.