If it only smokes when it starts, it's valve stem seals. And if the valve guides are that worn, you can bet the seals are worn as well. Only "other" fix is to remove the engine, remove the heads, take them down to the machine shop and have them do a basic valve job and replace the guides as well as a surface job because all that moving and machining will probably gouge the sealing surface in one way or another. And new springs, retainers, keepers, and seals and probably a valve or two of some are severely pitted or galled. Probably machine the guides for the newer style positive seals. Not to mention the cost of labor.
OR
Replace the seals in a few hours over the weekend with a $7 parts store tool and a home made fitting to fill the chamber with air or bring the piston of whatever cylinder you're working on to tdc and shove paracord in there to keep the valve from dropping. Also get a thin stick magnet that will fit down the guide just in case. And if new seals don't solve it, hey, at least you only spent around $50 and a few hours of your time. If they don't, still only $50 and your time.