Here is a pretty good thread explaining how your PCV system OUGHT to be working. diagnosing blow by issues with 460
Included in that thread is this handy dandy backyard test to determine if your PCV system is working. (Kudos to NXS and Kultulz for the original info.)
1) This morning I first checked the vacuum at the hose running from the carb base to the pcv valve and had 19 inches of vac. - so that looked good.
2) Per NXS's advice, I disconnected the hose from the carb to the pcv valve and plugged the pcv valve outlet and the vacuum stub off the carb. With the engine at idle I then pressed my palm over the oil filler/breather cap hole and held it there about 10 seconds. When I lifted my had I would get a definate puffing from built up pressure...but no smoke of coloration in the air being blown out.
3) I then added a bit to NXS's troubleshooting guide. I once again attached to hose from the pcv valve to the vac stub on the carb and ran the "palm over the breather hole" test again. And I STILL got pressure build up and a puffing when I removed my hand. And from Kultulz's explanation, I don't think that is supposed to happen and might indicate a faulty pcv valve.