how important is crank case ventilation

One valve cover will have a cap that is vented or it will have a tube that rus to the inside of the air filter housing.
The other valve cover will have a PCV valve that connect with a hose to the intake manifold.

 

so see were the red hose is going to from the edelbrock carb is that right?

 

YEP!
That would be the hose for the PCV valve.

 

and the one in the back is just an air filter right?

 

It is hard to tell what you are talking about without pictures.
There is a hose that comes from the charcoal canister on the firewall to the back of the air cleaner. There is also a vacuum port on some manifolds for the power brake that should be plugged if you have manual brakes.

 

is it a cylinder in the back left of the passenger side? if so i just run a hose to the air filter correct?