On my 350 I can pull the vacume side of the PCV out of the valve cover and see a small steady stream of smoke or vapors coming out the hole in the valve cover. This is with the engine running. Is this normal, or is this blow by?

 

With the engine running put your finger over the vacuum hose. If your hose is pulling vacuum you should be ok. If you have excessive blow-by then your dipstick will blown out of it's hole all the time. Especially when you get on it hard. The steam, smoke, or vapors are probably normal. It seems to me that mine does that too. Probably cause it's hot.