There are augments for and against keeping the positive crankcase ventilation valve (PCV valve), it's not "just" about emissions. In part removing the PCV Valve was a simple solution to help remove any possible vacuum leaks in the breather system due to cracked or poorly fitting PCV pipe work or a faulty, worn or clogged up PCV valve. Amongst other things vacuum leaks can be related to the high idle speed problems often found in the GTiR’s SR20, thus removing this possible cause of a leak would often result in stabilising or correcting this problem.
Another part of the augment is weather vacuum actually needs to be applied to the crankcase to relive pressure, numerous older engines were designed just to vent to atmosphere and that system worked very well. The powers that be decided that all these emissions venting to atmosphere was not a good thing, so the PCV valve system was designed as a way of lowering emissions. The PCV valve system is not the only way to apply vacuum to the crank case, as George says, you could have a pipe and catch tank system running from the T junction at the rear of the engine to the inlet pipe of your compressor.
Oh and before anyone ask's, I'm not making the stainless PCV valve bungs anymore as I don't have the time or materials to make them at the moment.