Fuel/Oil spewing out of breather valve on valve cover.

TNAILAV said
So this is not a major "engine is done" type of thing?

Assuming the fuel pump is the culprit, then no -- not as long as you fix it before you drive it again.

On the back of the valve cover there is a large circular object with a hose coming out of it that goes to the air cleaner assembly.

That "large circular object" is the crankcase breather. There's no valve involved in it. The PCV valve is retained to the top-middle of the valve cover and has a smaller hose running to the base of the carburetor.

Strongly recommend you get the three books described in this thread as quickly as you canand start reading!

Fuel pump quality is inconsistent and poor these days; it seems many of them are coming out of the People's Republic of Yes Yes No Problem Can Make For You Hundred Percent Quality Good Good You Sign Here Now Oh-Kee-Doh-Kee. :roll: