Lol
That hole in your valve cover is for a pcv valve... if your old valve cover doesnt have this hole then its on your intake. It'll be the biggest hose that runs down underneath the intake and hooks into the lower block of the engine. This hose recirculates fumes and other gases from the engine. the easiest way to fix it would be to plug the hole up in your valve cover. or fill the hole in the block, but you'll need a pcv valve to go into your valve cover. And finally you could tee off of your hose on the intake manifold and run two pcv valves. Hopes this helps! O and your engine will run fine if you dont use the hole on the intake manifold. just make sure to plug it up other wise oil will spray out of it and dirt and crap will go into your head through it.