The PCV valve is a simple ball check valve. It is oriented so that vapor flows from the cam/valve cover to the vacuum source, usually the intake manifold or tract. It has two failure modes:
Stuck open would allow normal flow of crankcase oil vapor to the vacuum source, but would allow intake pressure pulses to flow back into the cam/valve cover. This could allow gasoline into the engine cases. Gasoline has almost no lubricating properties for high-pressure applications such as crank bearings and cam followers.
Stuck closed causes a slight power loss. The PCV valve has one major function and one minor side-benefit: it allows crankcase oil vapor to be burned instead of venting to atmosphere and the vacuum applied to the crankcase reduces crankcase pressure slightly. Pistons moving up-and-down pump crankcase air as wells as intake air, using horsepower to do so. Reducing the crankcase pressure reduces pumping losses.
Your pinging has nothing to due with the PCV; if it's gunked up and not rattling, that's an indication of badly worn rings and valve guides.