The stock 79 5.0 had the pcv valve in the top of the oil filler cap on the drivers side valvecover, with a hose going to a fitting on the intake, actually in the baseplate of the carb at the rear. These have been closed systems since the early 70's.
Then there is a small plastic case with a filter that fit inside the air cleaner with a fitting sticking out of the pass side of the air cleaner. A hose ran from that to the hole/grommet for the hose fitting on the rear of the pass side valve cover.
In operation, the engine vacuum pulled air in through the small filter, through the crankcase and out through the pcv valve and into the intake.
Both my Holleys have a big fitting for this, on the pass side rear. So the pcv has to go on the pass side valvecover. I have run both the stock Motorcraft filter inside the Ford air cleaner and a hose to the pass side valve cover, and currently, I have the pcv in the pass side cover, with the hose to the carb base, and just a filtered breater cap for the intake side.
I'd keep the pcv on there so you don't have blowby, etc.
Then you can either run either the stock style filter from the air cleaner, or from a fitting inside the regular air cleaner, or a breather cap.