How long can you let it smoke and is it doing any damage to anything?
As long as you maintain the oil level it won't hurt too much. Possible problems could be; poisoning of catalyst due to the ash in the oil, and the oil additives (zinc, phosphorous), not many problems to the engine, although the blowby will cause your oil to get dirty faster.
The cheapest bandaid fix is to try a heavier weight oil. A great, cheap oil is Chevron Delo 15W40. It is actually an oil formulated fo Diesel engines but it works great for gas engines too. It is a bit thicker which helps with oil consumption, and it has more additives which will help nuetralize the blow-by contaminatants. You can get it at Walmart. I also think Costco has it. Another option is a SUV 10W40 or a high mileage 10W40 oil. They tend to be a bit thicker than regular 10W40 oils.
The most assured way to fix leaky valve stem seals is to replace them. It can be done without removing the head, but it is not an easy job. You need to make sure your valve guides have not worn too much or the seals will go bad again quickly.
The most controversial method to reduce oil consumption is with a produce called Auto RX. It can only be purchased online at
www.auto-rx.com You can read about its benefits at another forum called
www.bobisthoilguy.com People on that site swear by it. You need to follow the directions exactly and it takes a while to see results. I am in the process of treating my engine with it and have finally finished the clean and rinse phase. Now I have fresh oil in and am monitoring the consumption. I will report the results here when I know what the oil consumption is.
Advance auto and Motorcraft filters are made by Purolator. However, I did not know that you can get a Motorcraft filter that fits Montero's? They are great filters though. IMO