I agree with Penngwynnes thoughts. Have a crack and a punt, and replace the valve stem seals first. Many a "written" off motor I have done just had crystalline hard valve stem seals ( see Jacks explanation on why they then smoke).
Disregard BMGTZ and Penngwnnnes assertion that the cambelt has to come off. No, it doesnt ( at least when I do the job ). Its the same deal when swapping cams out. All you do is cable tie securely the sprockets to the cambelt. Ease the hydraulic belt tensioner piston back in with a 350mm x 8mm x 1.25 threaded rod. Make sure the car is in gear, battery disconnected and the handbrake pulled on firmly. This is to ensure the crank doesnt move. If it does ... THEN the cam covers will have to come off LOL. Ensure the cam timing is set at TDC compression stroke for #1 cylinder. Remove cam shafts and away you go. Note that my valve spring compressor is a very very custom made jobby. Works well though ( remember to pump the cylinders up with compressed air... a leak down tester does a good job)