Valve seals will only get a tiny amount of oil down in the cylinder. You will smoke on deceleration but not on acceleration. No water, not a bad head gasket or head. Bad oil ring, lots of oil will be pulled up into the cylinder. You will smoke on aceleration and decel. Oil rings are wipers more than sealers. Upper one mostly seals out compression leaks to the pan, lower one mostly wipes oil off the cylinder. Each does a little of the others job, but that is about it.Spring holds both in proper position.

If you have excessive oil actually spurting out of the cylinder, you may even have a cracked block. While it is possible to crack things w/o going through the water chamber areas, it is unlikely. Pull the pan, shine a light up the cylinder in question and see if you have verticle scratches in the cylinder. A scratch will allow all kinds of oil past the rings. I had an old chevy that busted a ring so badly you could hear it schreech while the motor was running. Took about 5 miles to blow it up after that.