I did the AFR testing that 38Coupe refers to. I was using a Toyota PCV valve I saw mentioned on here, a Fram FV306. Interestingly, Toyota specs the same valve for 2.2L thru 3.5L engines.
What I saw on the AFR was that to get a good smooth idle, the idle mix screws were too rich to give a good AFR at cruise. I was really surprised how drastically the idle screw setting affected cruise AFR up to 55 mph (2300 RPM). If I set the idle screws to a decent idle AFR (high 12's), cruise AFR was mid-15's, about where I wanted to be. But it flat idled like crap unless I jacked up the idle speed to 750 RPM. If I set the AFR at idle to where it idled reasonably smooth and at 550 - 600 RPM, I had idle AFRs of mid-10's, my cruise AFR's were mid-14's; not "bad" but leaving a lot on the table. The difference at the idle mix screws was less than 1/8 of a turn between the two extremes.
I tried this with both my stock 94 and with the Rochester 2G I am running now, same difference. The Rochester is off a '63 truck, so it wouldn't have been calibrated for PCV. Both carbs were in very good shape, and I had a 6.5 PV in the Holley with #51 jets.
With the draft tube back in place, I can get the idle AFR's I want and get the cruise AFR's I want, with a smooth idle at 550 - 600 RPM. My engine is fresh, the amount of smoke coming out of the draft tube after a good run is less than what you'd see off a cigarette. No drips off the tube.
Note that I am at 5300', and run an MSD with 8* (manifold) vacuum advance and 18* mechanical advance, all in at 1800, total advance w/o vac of 22*. If you are running some other kind of setup, your mileage may vary. This is also a truck, so I'm into the throttle a little more than a car would be at any given speed. I couldn't run a test with the Holley and a L-o-M distributor, but I would guess a PCV would have even worse effects on them.