Thanks everyone. I really appreciate your help. Joe, you were right. The holes by the timing cover were not plugged. I plugged them both. Also, the PCV valve is on the passenger side, but the grommet looks kind of "funky". The car has Moroso big block covers, and it looks like the hole is too big for the valve. The previous owner imrovised and has a wierd set up with the grommet, but it seems fine. On the other side, the hole is covered with something that looks like a miniature air filter (I apologige for my ignorance.) I am assuming that this is the breather that you are talking about.
Unfortunatelly, I have been having some problems with my alternator set up (also previous owner "wonderful" creation) and one of the bolts broke off in the block. To make a long story short, I have been hassling with the alternator for a couple of days now. I but new bracket this morning, the old one was sticking out too much (with spacers between the bracket and the block.) I still have not been able to get the broken bolt out so maybe tonight will be my lucky night.
Sorry for the long message, but it has been very frustrating for me the last few days.
Once again thanks for all your help so far and I will report back later on both "issues."