If your valve cover already has the PCV valve in it, and the oil filler cap is vented, then you can simply install a freeze plug in the block in that hole. That's what I did on a 57 283 I recently rebuilt and it is fine. It did not have the baffle/ filter inside any more and was pulling oil through the opening.

If there is no baffle/filter inside the block that goes to that hole then if you put a PCV valve there you will suck oil out of the engine into the intake.