I have a similar setup on my '59 235. The PCV valve is showing between the two rubber hoses.
http://www.flickr.com/photos/11159813@N00/151949993/
I have not had any problems with this setup. The other vacuum line coming out of the T-fitting is for a under-dash installed vacuum gauge. This is where the vacuum wipers worked from also, until I changed to an electric wiper motor.
