I'm a hot rod builder, in my opinion it is not the valve seals. The only time it makes any oil smoke is after it's warm and after an extended idle. And even then it isn't much. 120K is not what we consider "high miles" We've got some with 270 on 'em. I saw the valve cover video and this guy's was different, so I wanted to make sure before I hit the "buy it now" button twice.
I'll probably take the valve covers off and clean them out, do all the hoses, plugs, tensioner and the belt while I'm in there. If I ever need to pull the heads, I'd pull the whole engine and put it on a stand. These cars are cheap enough, if this doesn't do it, I'll drive it until the tires need replacing and sell it dirt cheap on CL.

I'll post pics and updates on this thread when I tear it apart in a week or two.