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It's basically a clean-side catch can, if I'm understanding it properly, and therefore I don't get the point - air on that side is coming from the intake, not to the intake.
But anyway, it looks like it'd be easy to adapt to wet-sump Corvettes.
Based on what I read, it's to prevent oil from going into the intake tract during low vacuum conditions, essentially, reversion in the block from excess pressure build up during WOT conditions.
Definitely can be retro fitted to any GM LS motor as long as the oil fill cap is the same.