Once a valve and or guide wares more then .001" then due to the fact that the valve stem is round and the guide is round you will see .003" of excess clearance and that shows up as the valve rocking.
First off I am assuming that when you assembled the heads you did so the right way .
1) after the spring goes the oil splash shield goes on.
2) then the retainer goes on.
3) then the O ring goes on.
As long as this oil usage issue is not to the point of fouling out your plugs and creating a miss your ok.
That being said oil getting into a chamber and the carbon built up from it can make for hot spots at high throttle openings which will cause the motor to ping and worse yet knock.
As a precaution for now until you get the heads rebuilt I would run a higher octane fuel if you can.
In terms of reducing the oil and smoke issue now the only thing you can do is run a thicker oil and you might investigate if you can get the motor to run cooler.
Adding a Qt of Lucas brand engine oil supliment is what I would try out first though and see if that helps with the hot restart smoke you see.
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Wernher Von Braun warned before his retirement from NASA back in 1972, that the next world war would be against the ETs!
And he was not talking about 1/8 or 1/4 mile ETs!
1) 1940s 100% silver 4 cup tea server set.
Two dry rotted 14 x 10 Micky Thompson slicks.
1) un-mailed in gift coupon from a 1972 box of corn flakes.
Two pairs of brown leather flip flops, never seen more then 2 mph.
Education is what your left with once you forget things!
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