A puff of white smoke when gas is applied on a warm engine!

Yikes! I agree on compression tests. Mine only checks in at 115 - 120. Did you knurl the guides? Do the umbrellas move with the valve, or are they clipped to the guide?

Sorry for the delay Manchershark! The only thing I did was remove the old valve guide seals, which we're all dissinigrated or broken. The new umbrella style have an spring on the top of the seal. I set the valve lash and it started right up, no smoke! This car was my Father's, it has been babied its whole life. The car didn't smoke for a whole year. Until this spring, getting someone to look at it is another story too. But my last trip to a mechanic before I pull the motor. I showed him the video and he said you have a stuck ring! That's oil smoke, drain 1qt of oil and add 1qt of tranny fluid and run it. You may have to do it a couple of oil changes to unstick it, you won't heard the motor. I did it and after a good 50 miles ish, the smoke is less!

Yes, they push over the guide, I purchased the valve guide seals from rock auto