If it originally had one, you need it.
A PCV valve is more than just a one way valve.
There is a spring inside that holds the plunger (part that you hear rattling when you shake it) off of a valve seat.
The plunger is tapered.
Under low vaccum, the PCV valve is fully open.
Under high vaccum, the PCV valve is pressing against the spring.....restricting the flow through between the tapered end of the plunger and the valve seat.
Why is the flow reduced under higher vaccum?
The intake manifold vaccum is low under high RPM.....and it is high at idle.
Higher vaccum means MORE airflow through the same sized opening as compared to at low vaccum.
You don't want maximum flow through the PCV valve at idle.....when the motor is running at it's lowest RPMs.