That hose should be vented to the atmosphere on a 72, I believe. It is a crankcase vent and allows pressure from the combustion chambers, blowby, to escape without pressurizing your low end and causing all sorts of leaks. My 69 has that hose going to the oil tank, on the backside where the nipple is hard to see. Your Hondamatic had it acting as a PCV valve of sorts and was burning the oil vapor to reduce emissions. That being said, if you have more than a few drops, it is excessive. I would suggest a compression test to determine if your rings are sealing properly.