Here is the verbatim explanation of the "Positive Closed-Type Crankcase Ventilation System", including the operation of the "crankcase ventilation regulator valve at the rear of the valve cover" on the Ford 240-300 six engines, taken from the Ford factory service manual for 1968.
"Ventilating air enters the crankcase through the oil filler (breather) cap at the front of the valve rocker arm cover (
Fig. 8)."
[
Fig. 8 is a drawing of a cut away six with arrows showing the flow direction as described.]
"On a closed crankcase ventilation system, the oil filler cap is sealed to prevent air entrance, but the top of the filler cap is connected to the engine air cleaner by a hose to admit clean air to the crankcase. On a closed system, if the crankcase ventilation system becomes restricted, a backflow condition will occur, thereby venting the crankcase gases into the air cleaner and induction air system.
The air flow is metered by the regulator valve. A divider in rocker arm cover diverts air flow from the valve rocker chamber, through the pushrod holes and into the pushrod chamber. Air also flows between the crankcase and rocker arm chamber through the oil drain holes and the pushrod holes in the cylinder head. Air flows to and from the cylinder front cover and crankcase through the front cover drain holes at the front of the cylinder block.
From the valve rocker arm cover, the ventilating air passes through the crankcase ventilation regulator valve [
heretofore erroneously called the PCV valve] at the rear of the rocker arm cover and into the the intake manifold through a connecting hose and tube. The air, laden with crankcase vapors, is dispersed in the induction air and fuel mixture in the intake manifold before entering the combustion chambers.
The amount of regulator valve opening or restriction is governed by the intake manifold vacuum pressure. (Fig.9)"
[
Figure 9 is the same one xpc66 shows of the valve here.]
"At idle speed, intake manifold vacuum is high. The high vacuum overcomes the spring pressure and moves the valve to the Low Speed Operation position (Fig.9). With the valve in this low-flow position, the ventilating air passes between the valve (jiggle pin) and the outlet port. In this position there is minimum ventilation, but it never completely seals off the air flow.
As engine speed increases and manifold vacuum decreases, the valve spring forces the valve to the full open position (Fig. 9). This increases the flow of ventilating air."
So there you have it. I'll point out (with no malice toward anyone) that no backfire prevention properties are mentioned (this is what made me change my views of what PCV valves are doing) and that the only time vapors are supposed to be going from the breather to the air cleaner is when something is wrong. Also that if you must remove the baffle (divider) in your valve cover it would be a good idea to find a new place for it not too far away.
Roger