I have a 427 cubic inch small block -- and only a breather in one valve cover... I've run the living crap out of it - including 6000 rpm redline run in overdrive... and only ever get just a drop or two out of the breather from the hot oil fumes... but NEVER a dipstick blown out of the tube...
Sounds to me like something else is going on... I'd be doing a leak down test on that motor...
While I totally agree that it should have a PCV installed into the base of the carb or directly to the intake manifold ----- that sounds to me like really excessive crankcase pressure.
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