Spudz,
Cool pictures...definitely worth a bunch of words! At first I thought the crankcase ventilation system was home made, but maybe not.
In my humble opinion, there has to be some valve or something in that line from crankcase to manifold. I don't think the engine would run with a open tube to the crankcase.
More detective work is required to figure this out. Maybe a big bolt '60's mechanic will appear from nowhere and give us the lowdown.
I wonder if this truck was working in some environment where 'emissions' couldn't be tolerated. In all honesty, the engine does appear to have been rode hard and put away wet.
Stuart