I don't think it would give a CEL really. You'd block off the PCV lines on the intake and vacuum sides (so no vacuum or intake path peaks for CELs), and run the lines from the valve covers to open air (probably with a simple filter). People do it on older V8's all the time (you see those tiny air filters they mount on the valve cover, that's their "PCV" straight to air). It would serve the basic purpose of not letting excess pressure build in the crankcase, and it would filter any air that was drawn inwards under conditions where the crankcase pressure goes negative. There are probably some subtle points being missed though (if nothing else, it might still be nice to have a pair of them with opposing one-ways so that you get some fresh-air exchange). I wouldn't recommend it just for all the subtle unknowns.
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