Join Date: Oct 2012
Bronco Info: 1995 XLT 5.8 E4OD
The only thing "wrong" with the compression test is you did not induce some oil to see if the readings came up. That said, compression tests of this nature are highly dependent on cam timing and the state of the lifters. Your readings seem ok but you should do the ring check steve's link outlines to be sure.
That said what you are seeing is normal on a system with no PCV.
A basic carbureted system is a PCV valve installed in one valve cover and hooked up to manifold vacuum source. The other valve cover is connected to a filter in the air cleaner to filter the air that is drawn in by the PCV. You can just as easily use a filter at the valve cover but, as anyone who has done a tuneup on a stock carbureted car knows, you will still get oil out of the breather since during acceleration there is no vacuum to the PCV system.
You won't do any damage to the motor running it without a PCV as long as the valve covers are vented but you should use one if you can. Also before you hook this up make sure there is a baffle of some sort in the valve cover so you don't suck oil into the PCV.