Here's what I ended up finding.  Thanks to a guy on the HAMB...

Looks like some kind of metal repair was made to where you now see the Rivet Nut but it's solid...
I had a few questions...
1.  The scrubby metal thing that's stuck inside the square baffle part...do I need to do something to keep that captive?  It doesn't SEEM like it would come out but it doesn't seem like it would be good if it did.  I could run a few self tapping screws along the edge and make a "cage," if I need to...Does it even need to be in there?
2.  I have seen the other thread about which PCV Valve to use...why not the stock one?  Looks like it screws right in, maybe an O ring to seal it, instead of the gasket?
3.  If I decide to use a grommet and a different style PCV, then should I run a bolt into that Rivet Nut?
4.  What needs to be cut/trimmed so that the heads do not need to be removed to get this off...at a later date?

oldcarmark, what PCV valve did you use?  

I used the Moroso Baffled Grommet on mine. 4 Years works fine. No excessive Oil usage. You can use that with the existing Valley Cover. Just use a Hole Saw to cut proper size Hole. I used the correct Grommet that fits PCV and Super Glued it inside the Moroso Grommet.

  

Gotcha...thanks gents.  I had read about the intake vs. carb vacuum source.  I think my Holley has a vacuum source at front and back that I can use.  

If you look at the ILL's I posted, FORD had two FYB system designs, one for a two-barrel carburetor application and the other for a four barrel carburetor application.

The 4V (4BBL) design sources the vacuum signal at the intake manifold carb plenum so that ingested vapors can be distributed somewhat evenly among the cylinders. The 2V (2 BBL) design has the vacuum source on two intake manifold runners, which will overload those cylinders with vapors and possibly disturb air/fuel mixture on those particular cylinders.

You have to understand how the system works before any modification(s).

BASIC THEORY - https://auto.howstuffworks.com/positive-crankcase-ventilation-system.htm

To have an effective system 2V system (IMO), one would NEED TO emulate ... ??? ... the 4V system with a carb spacer w/ vacuum inlet nipple. And yes, it was a 'BETTER DESIGN".

I cannot understand why no one has not written a detailed TECH ARTICLE to hopefully explain what is going on rather than endless  discussions, varying opinions  and arguments.

____________________________

Try not to confuse the vacuum source with where the inlet for the PCV gasses originate.  The PCV valve can be at either end of that line and be effective.  The valley cover with the rear baffle is always a great choice for a PCV valve air source and my druthers are to put the PCV valve at the cover rather than at the vacuum source.  But it doesn’t matter where the vacuum is sourced as long as it’s close to the carburetor.  Using the port at the rear of the intake manifold that was originally used for the vacuum wipers is not a suitable location for the vacuum source as it’s too far from the carburetor and tends to lean out the rear cylinders.
  

Lorena, Texas (South of Waco)

So the one I want has the PCV hole in the rear of the cover, as opposed to the front?

I’m guessing it’s how the vapor would mix in the intake. Ford engineers must have felt the front was better for the 2V and better under the 4V or cheaper to manufacture which is always the most important. Notice today that aftermarket carburetors have a hose fitting on the front for the most part. 

56 Vic, B'Ville 200 MPH Club Member, So Cal.

KULTULZ,
What's the difference between the 2V and 4V?  How does the 2V need to be modified?  I can't imagine why they'd even be different.  Another "Better Idea," no doubt!

Respectfully Please help me understand. The sheet metal screws go around the valley pan perimeter and have nothing to do with the baffling for the pcv.  It never caused a problem nor did it leak.