If you're using the original O ring seals, there's a second groove on the valve stem just below the split keeper groove. Install the valve into the guide, put the spring and retainer over the stem, compress the spring, and then install the seal on the lower groove. Put the split locks into place, and GENTLY release the spring pressure so as not to dislodge the O ring as the retainer captures the split locks. When the seal is installed properly, the O ring should not be visible at all. Umbrella-type seals are not original equipment. They slip onto the valve stem and deflect oil away from the top of the valve guides. If you choose to use them, DO NOT install the O rings. It's possible to seal the guides too well, and they wear out from lack of lubrication.
Jerry