I don't see any sheet metal under the hole in the valve cover, so I don't know if there are any baffles. This is a 305, but don't know if the covers are original. The PCV valve is on the drivers side and goes to the carb. The hose blowing the oil is on the passengers side and goes to the air filter housing. As far as I can tell its just a 1" hose going directly from the valve cover to the air filter with nothing to block it at all.
As far as blow-by, yes it smokes a little when its cold, but not too bad at all when its warm. Maybe valve stem seals or piston rings, I don't know.
But would I be better to keep the crankcase air going to the air filter as long as I can find a way to block the oil ...or should I just let it vent to the outside air?