The Edelbrock Torker intake is single plane and is some what of a tall manifold. Once the Holley 750 mechanical secondary carb is in place it looks like the PCV intake port is well above the altitude of the PCV valve's location on the valve cover.
The PCV valve is new and seems to be working correctly. However, it is difficult to ensure that the valve I purchased is correct and optimal valve for this engine.
The breather cap on the opposite valve cover is vented and self filtering. I do not know the specs on this cam but it seems to produce good vacuum at idle. When disassembling the intake I noticed that the brake booster tube was not tensioned properly and could have been a vacuum leak. Perhaps my brakes will work better after this.
It looks like the floats on my carb are adjusted too high. I have been suspecting such. This Holley carb has built in sight windows. I will lower the floats as you suggest.
I am letting the silicon sealant on the manifold dry overnight and will test this in the morning. Testing is a little tricky because it involves watching the the rear view mirror (looking for smoke) and scrutinizing the dip stick for oil consumption. I am hoping the new gaskets, increased tension on the intake manifold bolts, and lowered carb floats solve the problem.
Also, it is better to take off the deck lid when doing this type of work. It is only the removal of a couple of bolts and hinge pins, and assistance from a helper to remove it. Doing so makes reinstallation of the intake manifold easier and more precise.
It just seems SO unlikely that the intake and gaskets are leaking anything.
DO NOT over tighten the intake bolts. 20 lb-ft is PLENTY. The end bolts have been known to snap off the ears of the intake manifold itstelf. Particularly the driver's side, left rear.
I'd recommend the M.E.Wagner set up. It isn't just for the adjustability but it is the only PCV that comes close to closing 100% at idle.
Unfortunately the "replacement" PCV's that are obtainable supposedly as original replacement are totally and completely trash.
In a situation like you are in, they just complicate matters.
IF you haven't already tried to eliminate the PCV from the car for testing, you should however there are other sources of oil getting into the intake system that are possible and one of those is valve guides.
NONE of the valve guide systems are 100% tight and in reality they shouldn't be because the stems do need lubrication.
In the past I have been in a similar situation as you are now and sometimes just putting up with the smoke for now and driving it clears up the issue.
Best that I can do for you at this point is wish you good luck and hope that this is all caused by something silly that was overlooked and an easy fix.
You wanna' see exhaust smoke? Watch one of these bonsai starts with a Weber set up. The exhaust throws absolutely everything out but bolts.