My 78 Cb550K smoked, too. Sometimes worse than others. Usually the hotter it is the worse it is.
I reasoned the thing ran hot and hardened the valve guide seals. I figured out a way to replace those without taking off the head, and did.
But, during the adventure, I noticed the exhaust valves wobble in the guides a lot more than the intakes do. So, I don't think the new guide seals are going to last very long. I've been putting off the job for a while now, replacing the time with 22.5 house projects.
I guess the head has to come off after all. I didn't really want to do that, as it's the only 550 I have where the oil doesn't weep out the sides.
My MC shop friend says he has the tools and will advise and watch me replace them in his shop. Says, it's no fun and fairly easy to break them during installation. Then there is grinding/lapping the valves.
Wah.
Hard to believe a bike that runs so well must be torn down that far and needs so much work.
Wah, sniff.
I'd rather fly airplanes.