Nope. To keep oil from totally getting into your intake manifold you'll need an oil separator unit.
Also remember there is another oil vapor port on the opposite side of your V8 engine that vents to the throttle plate (#2 in picture). I would highly advise "NOT" putting a PCV valve on that side too. I blew out my rear seal doing that.

 

When giving the engine a quick look see before a long drive my mind flashed back to this thread as I was looking at the state of the hoses and clamps around the throttle body I saw this part and upon inspection I noticed I have a black plastic unit screwed into the throttle body. I then noticed that it was not even finger tight in the hole. about half a turn back from seating actually. I turned it until it was finger tight, but I'm wondering would that being loose cause any issues? It may just be my overly optimistic imagination but it seems to run a little quieter and smoother after tightening it... Thoughts?

 

 

Yes it does replace both the plastic hose connector piece in the upper intake manifold and the black plastic oil separator in the valve cover.
This mod still regulates the crankcase oil pressure and it's easier to remove and clean if you have to.

 

 

I got my Fram FV308. Just making sure that it should rattle? Or shouldn't it? It was out of the box in the package and may have had some rough treatment.

 

Rattle is expected and needed, it has a check valve/ball bearing(I believe) that moves back/forth to seal the orifice based on positive/negative crankcase pressure