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There could be a chance of it if it were stuck open and allowing you to burn your oil thats getting forced through it into your intake. When its only $1.69 to replace it with a new one at the parts store, I'd just replace it if there's any doubt.
There's a metered ammount of air that bleeds through the PCV valve. If it's plugged, you lose that ammount of air and will cause a slightly rich condition at idle and your hydrocarbons will be up. As Ben says, for a couple of bucks, it's worth keeping one in the glove box. It's actually one of the first things checked when the technician gets a slightly high hydrocarbon reading.
There's a metered ammount of air that bleeds through the PCV valve. If it's plugged, you lose that ammount of air and will cause a slightly rich condition at idle and your hydrocarbons will be up.
And conversely, if the PCV valve is not seated properly, or there is a leak in the hose assembly, then the additional unmetered air being drawn into the intake will cause a lean condition.
And conversely, if the PCV valve is not seated properly, or there is a leak in the hose assembly, then the additional unmetered air being drawn into the intake will cause a lean condition.