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Just like 85e150 said, either side. On my 390 FE, the original location was on the passenger side. But I moved it to the driver side for a couple of reasons, but mostly because I installed two catch cans (they actually catch oil and water vapors).
I installed the cans so that the PCV valve wasn't sending oil vapor into the intake manifold and causing all that oily residue accumulating in the manifold. They do a great job.
Catch can system layout that I installed on my 1969 F100 390 FE The left side of the diagram can be an open system. See the link below for more info.
Dual catch cans installed on 390 FE
There are a few variations on this type of installation. A good article on this is at; Catch Cans 101
This is where the above diagram came from.
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