could and would a bad PCV cause..
 

oil consumption?

I have the tell-tale dip-stick popping up issue combined with oil consumption. Just curious if it could be the PCV valve before I assume the worse (rings and/or pistons)

it could be, but mostlikely not. they are cheap replace it and see what happens

I believe they rattle if you shake them if they are good. I would just replace anyway. My U shapped hose was cracked real bad and it was only $10-$15 for both from the dealer.

Dipstick popping up yes, oil consumption i really doubt very much. Sounds like its time for a compression and leakdown test.

yeah, that's what I figured. Just thought I might get lucky:(

actually we had a bad pcv valve on a mazda 6 i know its not an lt1 but still...it cause a lot of headaches and we finally traced it down to a 5 dollar pcv valve imo you should change it

If you do assume the worst then make sure to get a leak down performed. Blowby can be generated from the top and/or bottom end. I don't believe there would be enough pressure from normal blowby to overwhealm the breather tube. I think it's time for a leak down test.

If it still runs OK put an extra valve cover breather on it while ya save for new rings.
Or just leave the stick out.

How often does that ever happen, lol? I was having my car blow the oil caps out las t winter if I got on it hard. Guess what, I popped the ring lands off the #7 piston.