The obvious first check is the breather system. Get this cleaned out completely before doing anything else.
I agree, valve stem oil seals are hard to diagnose without removing the heads. Once you have cleaned the breathers there is a test you can perform. Firstly take out all your spark plugs (empty of any oil first with a syringe or similar). If they have all light tan/brown depostits your car is running perfectly and I would think your smoke is just conensation. If one or two of them have a completelty wet black look I would suspect these cylinders and follow the instruction below:
Remove fuel pump relay and depressurise fuel system.
Perform the compression test. If pressure ok carry on, if not your problem is elsewhere (HG or piston rings)
Take off cam cover(s)
Take out air inlet system to gain access to pulley.
With a helper, rotate the engine while slowly pouring oil over the inlet and exhaust valve tappets which were suspect.
Put it all back to gether, remove excess oil by draining and start her up.
If you get a huge billow of blue/grey smoke on startup its likely to be your valve stem oil seals. If not look elsewhere.
There are ways of changing these seals without taking the head off. You need a spark plug air valve (will take photos and post them later) whip off the cams and tappets, then pressurise the cylinder with your spark plug air valve and with your helpful volunteer compress the spring and take off the collets. You can then take off the suspect seal and (carefully) replace them. If you are removing all four cams I would rotate the crank for each cylinder so that each one is TDC when you are working on it so that if the valve does drop it can be retained without having to take off the head anyways.
If this is what you want to do I can give a hand if you are near S. Wiltshire.
Gaffers