If your talking about the little sheild plate that is screwed into the cover under the PCV port on an Edlelbrock Elite valvecover, don't waste your time. I hate to say it, but its a poor design. You need some different valve covers with stock type baffles IMO.
I'm not familiar with much Ford stuff, but it sounds like your compression is ok, and a little blowby is normal.
As far as the oil on the wires, it could be from a bad valve cover gasket.
Just out of curiosity, where is the pcv vacuum side connected, and are you sure its the correct one for the set-up you have. Does it rattle easily when you shake it up & down?