The "snot" itself is harmless, but there's an inherent design flaw with the 4.7 engines?The PCV valve is located in the upper part of the oil filler tube, and if enough of this stuff collects up in there, it could partially or totally clog up the PCV valve. If the PCV valve is clogged, it'll be even worse, not to mention any blow-by gasses will then find the other exit which is the make-up air tube that attaches to the air inlet resonator, and could gunk up your throttle body.
The baffle helps keep the PCV valve from inhaling this junk.
I'd strongly suggest removing the PCV valve and either cleaning it or replacing it if your engine didn't have the baffle installed, just as a precautionary measure. If you've never removed the PCV valve on one of these engines, it's easy, but you need to know how to do it so you don't break anything. First remove the hose going to it, which can be a little tricky since there's a bit of pipes and things in the way. Then turn the valve 1/4 turn or so counterclockwise (if I remember correctly), and it pops out. There's an "O" ring that seals it to the tube. Lubricate this with a little oil or Vaseline to install it.
I never bother replacing the PCV valve if it's not totally clogged or failed. Just spray a little carburetor cleaner in it, and shake it vigorously to remove all the crud. Repeat as necessary. The oily "snot" will clean right out with carb cleaner.