Crank case breather tube

[Ford Only]

You shouldn't be getting much if any oil out of the breather, if you are getting blow by there should be almost a equal amount of it coming out of the oil fill breather also but of course no oil out of that breather.
The most common cause for blow by is piston ring wear, incorrect valve adjust might cause some blow by but you would have a rough running motor if the valves were out of adjustment.
There is one thing you can do that would probably stop the dripping oil but would not cure a blow by issue and that would be to install a valley pan from a Y block Thunderbird or a pickup truck as they used a road draft tube that mounted in the back of the valley pan and the lower vent was capped off.
Installing a PVC system would stop oil from dripping on your floor but would probably foul the spark plugs if a lot of oil got sucked into the engine

[SkylinerRon]

There should be a gasket between the two parts of the breather and between the breather and the block.
These breathers are easily bent so make sure everything fits together snuggly. If not sealed it will leak a lot.
The oil/air mix goes into the breather filter and the oil should drip down from the filter back into the crankcase.

Goodluck,

Ron.

[Chad]

Plus those two bolts that hold that on need thread sealer or it will leak around the threads.