I don't think the valve guide seals are going to help you and the
smoke problem, but in answer to your question, yes, I did it on
my 1.6L Sidekick, pain in the butt.
Running engines smoke from bad rings, the compression might be fine,
but the scraper is the one that keeps the oil in the pan, and the vacuum
is sucking it past the second ring.
Bad valve guide seals cause that puff of smoke when you start the engine
after it's been sitting for an hour or so, the oil drips into the cylinders and
burns as the engine starts, but constant smoke takes quite a bit more oil
than the seals can leak, BTW Many older cars (40s-50s) didn't use valve guide
seals because the oil control was not considered an issue at that spot in the engine
Wild