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What is the purpose of the hose that comes out of my oil pan and runs up to some sort of three way valve. I am wondering this because that is the only hose going to it. Should the other two be there? My air pump is removed, so I wasnt sure if it had something to do with that.

positive crankcase ventilation. evacuates blowby gases and helps keep impurities form getting into your oil. the valve that it couples with take fuel vapor form your gas tank and then routes it to your aircleaner so it can be burned

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Did a v8 conversion in 1981 on my '76 luv
Current Fleet
#1 1980 Black 2wd, #2 1980 Blue 2wd, #3 1980 Black 4x4 #4 1980 black 2wd Long bed #5 1979 black 4x4 #6 1977 red 2WD
pics
http://s137.photobucket.com/albums/q223/gs11x/

The 3 way valve is for controlling fuel tank vapors. The fuel tank pressure expands with the heat of the day and contracts when it gets cooler at night. The fuel system is designed to hold a little positive pressure. If the pressure becomes to much, the valve will release tank pressure into the oil pan. The fuel fumes will get drawn into the pcv system and be burned away. If the tank pressure becomes negative, the valve will allow air to enter the fuel tank from the air filter. If the tank didn't have some kind of ventilation, the fuel pump couldn't pull any fuel and possibly collapse the tank.
All of this is emissions related to control fuel vapors. As for smog control, this is a separate system and has no direct link to each other.

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Previous setup: 4.1 Buick V-6/TH 350
Current setup: 400 Small Block Chevy V-8/TH 350
9" ford rear end/short bed/blue
What do Water, Electricity and Humans have in common... They all travel the path of least resistance.

Does anyone have a picture of the hose routing for the 3 way valve I am talking about. The only hose that is hooked to the valve is the one from the oil pan. I see the tubing coming from the fuel tank vent, but I dont know which of the remaining two spots it hooks to. The remaining spot must be for the hose that comes from the aircleaner? Thanks for all your help!

Thanks for the diagram Johnboy. I got it all hooked back up. Dont Know if it will change anything.