Maybe. But in theory that hose is supposed to be "sucking" air in because your PCV valve on the other side should be sucking sufficient volume.
The whole point of this is to re-burn the gasses that escape into the crank case, but excessive blowby (more gas getting into the crankcase than can be pulled out by the PCV system) can overpower that.
Hence the suggestions for the compression and leak-down tests.
You need to be able to tun-up an engine too. You're going to need a timing light to verify timing, since incorrect timing can have some of the symptoms you describe.
You're going to need to verify the spark plug firing order on your cam and your distributor (it's probably correct by the sound of it, but you have to double check anyway) because Ford used two different firing orders and cam manufacturers still offer both types of cams. If you knew what part number Edelbrock cam is in there, you could verify it on their website and then compare your wiring order to it.
You need to see how much the PCV valve is sucking to make sure it's doing it's job.
But the bottom line on the tube is that, whether it's putting out smoke, or sucking air in, it should be attached to the air filter.
For one that reduced pollution and oily messes on your truck. And second it makes sure that only clean filtered air gets into the tube when it is able to suck in like it should.
In fact, simply hold your hand over the tube with the engine running and see if you feel a vacuum at all. Rev the engine up a few times, let it idle, rev it up. See if it sucks against your hand at all. If it does, great. If it doesn't, then something is wrong with your PCV valve/system that has to be corrected.
It's an easy test, and free. So might as well try it and get it over with.
Paul