Do a compression test on the old gal and look for uniformity- no more than 10 to a max of 15% variation, high to low, what ever the number is. There are no valve seat gaskets, but the valve guide seals
could most likely stand replacing and may be the cause of the smog. You can change 'em on the head, on the block, just make/buy a compressed air fitting to screw in the plug hole, run the piston up to TDC on the
cylinder, pressurize it and use the tool you bought to remove the valve spring and change them. Grab the valve stem when the spring is off and try to wiggle it side to side. Any appreciable
movement indicates worn guides and a head rebuild in your future. Good luck.