Open element breather causing hi BLMs?

I put an open element K/N breather on my valve cover and plugged the hole on the TB. Is this basically a big vaccuum leak?
I put it back tonight, think this will help?

Definitely get rid of it. All you are doing is allowing unmetered air into the engine, which is causing the O2s to read more oxygen into the exhaust and have the PCM add more fuel. The LT1 is designed to be a closed air system.