This may be a silly question, but can I replace the PCV valve on my valve cover with a small breather filter?
your trying to keep a worn out engine running a little longer
The only time I would see the need for something extra is if your trying to keep a worn out engine running a little longer.
The black plastic disc thing on top of the valve cover is a pressure regulator. Its purpose is to avoid excessive vacuum from getting into the crankcase. (This is otherwise only possibly if the air filter were to get very clogged up.)