diagnose my 318

got a 318 that came out of a 71 truck. totally stock. it runs decent feels like it skips a little at steady cruise. when its first started it smokes a little and if going down hill coasting it smokes quite a bit when i get back on the throttle. also it has a valve tick that comes an goes. im thinking valve stem seals and a small cam and lifter set withe new timing set and water pump.
did my comp test. engine warm throttle wide open. did not pull all plugs at one time not sure it it makes a difference.
1-120
3-120
5-125
7-125-130 plug a little oily

2-125 slightly oily plug
4-120
6-125
8-125-130
all pumped up within 3 turns of the engine.will the valve stem seals cause oilly plugs?
oil pressure hot at idle is around 15lbs at 600 rpms and close to 40 when driving.