Jim,
It has been a long while since I had a 216 apart but I recall the folllowing two things about valve seals:
1. Both intake and exhaust valves have a ring near the top of the stem for a rubber o-ring-like valve seal (although, I never understood how/when it provides a seal).
2. A different style of valve seal shaped like an umbrella, is (was) available that fits in the same groove at the top of the stem.
If you have a shop manual for the year of your engine, the seal should be dicussed/described in the engine section.
There might be another explanation of the smoking: did you have the valve guides replaced, knurled, or sleeved?
Most likely, someone with more knowledge and experience will either correct me or add information.
Tim
