318 with blow by

80 psi would be junk IMO. I would be looking for readings above 110psi. Closer to 130/150 would be good readings. Below that, maybe issues. The pcv valve will always sound a little loose. If you were to blow thru both ends, one direction (from inside valve cover end to hose end) should not allow any air past, and the other direction should allow air easilly to pass. Take off the oil filler cap, and see if any vapor is visible escaping. If there is a bit visible, you have blow by. The compression test is a great tool. Write down the readings and post them.