Well, think of it this way. All a pcv valve consists of is a spring, a ball and a bypass passage. Oldsmobiles were noted for there smooth operation which, was attributed to their camtiming, timing, etc,etc. From the factory, they made alot of vacuum, maybe 18 to 20 inches sometimes. So they had a PCV valve that went along with this, it matched the engines vacuum. Now you have a cam that has lowered this reading so the PCV does not function correctly. (or maybe functioning intermittently) Maybe the vacuum is not enough to overcome the spring or close the passage or maybe the narrow cam is causing pulses in the intake (whatever). So basically, now you have an open large vacuum line, not a good idea if you want a good signal for a good idle quality.
No, you do not need the PCV and you can run the setup that is sold through summit that has the oil collection resevoir (you empty it once in a while). It is like a breather that works through a hose and collexts excess oil so it does not make a mess. Alot of guys running Big block chevies with big cams cannot run a pcv either. many racers dont either.
I will try and find the actual name of the deal that I am trying to explain.
Again, make good use of that vacuum gauge. Anything you can do to increas the vacuum is a step in the right direction with what you have.