It doesn't smoke on startup; takes a few moments.
Unfortunately, it does smell like OIL

I get a really oily plug on cylinder 1 while idling (but not if I shut down at speed and pull it out).
I found this on youtube:
http://www.youtube.com/watch?v=n_9Y8Y2vEXwand I also found a man that had used the same method on his car (different tool though - some sort of lever through the rockers)
The tool used in the youtube video is not available over here, while this looks to be similar:
http://www.ebay.co.uk/itm/Sykes-Pickavant-03920000-VALVE-COLLET-INSTALLER-/170817861754?pt=UK_Measuring_Tools_Levels&hash=item27c589b87aHas anyone here tried this job ?
Is there a better spring compressor (than these hammer types ones shown in the video) as all I have are the clamp ones for OHV and scissor ones for sidevalves (both of which involve having the head on the bench).
If I take the head off, then I may as well lift the barrel as the base gasket will be disturbed. If I lift the barrel, then I may as well be checking and maybe changing rings and maybe the camchain (just because I am there). Voila.. hundreds of pounds and most of a weekend...
Or I just leave it alone until something serious goes wrong.