Yeah, I'm hoping it's just a bad head gasket or valves and not piston rings (even though the wet compression test seemed to indicate so ) since I'm in a time crunch and don't really want to have to drop the engine for the repair...
Where would my valve seals be to check for that? Are they in the springs (and seen above)?
Yes. When does it smoke? If it's only in initial startup, then it's valve seals/valve guides/valve stems. In other words, a head rebuild. I've never known one to need "just" seals, but you could get lucky, I guess.