The PCV valve keeps the fuel and oil fumes from condensing in the pan and valve covers. More importantly it lowers the pressure in the crankcase which holds the compression rings down against the bottom of the groove and the piston. That makes more horsepower! If you want to give up free horsepower then go ahead!
Getting a little off topic but I saw a home made filter like Shadow Master showed. It was made from a tall pint size jar filled with marbles. The guy put the inlet tube from the valve pan to the bottom and the outlet on the top to the carb base (sort of like you might rig a jar full of water to filter and put out a grass fire - if you know what I mean) The guy had this on a clapped out old pick-up truck. He swore that it kept him from fouling plugs and gumming up the bottom of the carb. Some people would say just rebuild the motor. Then again why spend money on a $500 truck just used to haul off garbage to the dump? Cleaver
shadowmaster, that setup rocks! im gonna make one of those for my truck so it stops leaving oil spots when i park it.
