318 with blow by

Ok, the Ersons are cheapie valve covers, and I dont think they have a baffle on them. A baffle is a flat of steel on the inside of the cover, that keeps oil flying off the rockers from entering the PCV ssytem. PCVs have two sides. The engine side that gets pressed into the grommet, and the hose nipple, that runs to the carb. The valve should be pressed into a grommet in the cover, and the hose runs directly to the rear of that Edlebrock carb. There should be a 3/8 hose nipple fitting in the back of the carb. If you pull the PCV out of the valve cover with the engine running, it will be sucking at your finger when you place it over the engien side (that's the end that gets stuck in the valve cover). You are filling the hose with oil because the baffles are not there, and the oil is getting sucked thru the valve. The valve is designed to control air, not fluids. So, the fix is good baffled valve covers, and normal installation of a breather on the opposite side. Your compression readings are fine. And I agree about 5 and 7...that last valve cover bolt on the left is a fun one too...