That's how it was from the factory, basicly. The OEM valley cover has a flange with some rubber on it about the mid point to, in theory, seal the valley off so the flow has to go through the crankcase and/or the valve covers to reach the back.
Interesting. My original valley plate has some rubber hanging off it. I suppose the rest of it was elsewhere in the engine.
...also note that the oem cover has a baffle so that you would be less likely to draw oil mist into the pcv valve when mounted at the rear (draft tube location). Many aftermarket pieces do not have, or offer, any type of baffle. .
That should work, I'm in the same boat with m 354 and was thinking of something like you are doing as well.