Craig, I recently replaced the seals on my '84 and I found that there are seals on the intake valves but not the exhaust valves, maybe the '86 is different I don't know.
My engine uses about a quart every 3000 miles but smokes at start-up and on acceleration after sitting in traffic for a few minutes, replacing the intake valve seals did not reduce the puff of smoke from my car.
I would guess your engine is getting old like all the rest and it's going through oil due to worn rings also, evidence of this is usually oil in the air cleaner housing.
If I were you I would forget the seal replacement and think about an engine rebuild or just purchasing a crate motor and installing that.
I know this isn't what you wanted to hear but hopefully it will help with your decision on your next course of action.
Tools needed if you decide to go ahead and replace the seals are pretty simple, if you have access to an air compressor the one scarecrow mentioned is what I used,(see pic below)
you will also need a valve spring compressor, (see pic below)
these are fairly cheap and easy to use tools.
The trick is to keep the valve from dropping into the cylinder after you pull the retainer and spring, the air tool presurizes the cylinder which holds the valve at the top.
If you don't have access to shop air you can use the rope method, what you need is a length of soft flexible rope, remove the valve cover and all spark plugs.
Make sure the piston in the cylinder your doing is on the compression stroke but not at the top yet.
Push as much rope into the cylinder as you can then slowly using a wrench or socket (DO NOT USE THE STARTER)on the crankshaft bolt slowly turn the crankshaft until the piston moves up as far as it can, the rope is soft and will not damage anything and it will push up on the bottom of the valves holding them in place.
Now you compress the springs, (there is the main outer and a secondary inner)remove the two retaining pieces and pull the springs up off the valve stem, the seal is now exposed, pop it off, oil up and pop on the new one making sure it seats fully and re-install the springs and retainers.
Fairly simple, just take your time and it should go OK.
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It's allways something!