if the PCV locks up...what's the series of events that will take place and how or when does oil loss come into the picture?
IIRC when the PCV locks up there's a suction created and the engine begins to devour oil. There's plenty of threads on it. I think that Psychos2 had some stuff to say about it and had been running a breather for just that reason.

Any telltale signs to look for when a PCV locksup?
Burning oil? More than normal? I don't know, mines been gone awhile now.

OK, this may be a really stupid question....If the PCV should freeze up along the way (and I'm carrying a spare of course), is it possible to just remove it and leave it out of the equation, and somehow cover the port and the tube with something breathable? (I'm kinda thinking of how a breather filter is set up, and thought a breathable cover might work OK as a quick fix).
I would think that would work.