My 62 tbird doesn't have a PCV valve. Should I switch out the original crank exhaust to a PCV valve. Any pros or cons on this subject would be appreciated

YES!!! You must provide adequate ventilation for the crankcase or you will have problems with condensation and sludge in the oil. You should install a PCV valve. This may involve a little bit of fabricating but it is not a difficult or expensive modification.

I would use the PCV. I eliminated it from my '67 Mustang, thinking it was just emissions junk. I had a breather in each valve cover. Then I noticed both breathers were more oily and oil on the valve covers that had blown out of the breathers. I reinstalled a pcv, no more troubles.