273 Smoking When Cold....???

Do you have a screw in compression gauge? Might want to break that out to see if the rings are sealing. If you squirt oil in and the reading gets better, you'll need rings.

If you have shop air and a leak-down tester, you might be able to pinpoint your problem more effectively. This may not help to find worn valve guides exactly, but at least will let you know if the rings are OK and any number of things besides the rings such as a head gasket, leaky valves, etc.

See this link here for an explanation of leak-down testing.