CRAP! I'm smoking!

And theory 3. Valve seals. When I put them on, I didn't use the plastic installation sleeve. Actually it didn't come with 'em. I used the white teflon positive type seals with the metal band. Was real careful installing, but heard you GOTTA USE THE SLEEVE.

In my experience, you get a better install without the sleeve just as you did. Just make sure to break the edge on valve grooves with fine sandpaper before working the seal down on the stem. I've used the sleeve before and in my opinion it results in a stretched seal; you are better off not using that plastic sleeve. Again, I doubt that is your issue.