[PetChemMan]

Just to confirm that you're seeing oil smoke, don't confuse white smoke with blue or black smoke. White smoke can be just normal water vapor from the exhaust, especially before the exhaust system has fully warmed up. Lots of white smoke can indicate a cooling system leak into the combustion chambers. Black smoke indicates a rich fuel mixture . (I had a neighbor bring me his car with a complaint of engine missing and blue smoke out the exhaust on acceleration. I drove the car, and confirmed the symptoms. Knowing that the owner changed his own oil, I check the dipstick and found the oil level was way too high. I drained the crankcase, and found there had been 9 quarts of oil in a 4 quart crankcase ! That means he not only added 4 quarts of new oil before he drained out the old oil, but added one more quart too ! ) Yes, you can change the valve stem seals without removing the cylinder heads, a job I've done a couple of times. An old trick is to bring the piston up close to top dead center, and then stuff some rope into the spark plug hole, and then carefully bring the piston all the way up until it contacts the rope. Your valves will stay in place while you use a simple lever type valve spring compressor to remove the valve stem keepers. Since you have rocker shafts and not studs, you'll have to find fulcrum points to anchor the end of your compressor tool. I've built my own spring compressors out of strap steel for some jobs. Your cylinder compression figures sound pretty consistant , and you may not need a valve job.