The tapered-tip valve guides are made from Stellite. They are hard as glass, and can wear the valve stems when those stems got rusty after the engine sat for a long time. So, I've found that replacing the valves, not the guides, is the correct fix for those. Many times. It is backward from the later engines, which, around the 3/72 builds of the K2 and later, became ordinary cast iron. On those later ones, it is the valve guides that wear and not the valve stems.
I would estimate that the head sat for a long time, got rusty valves, then got cleaned up and someone found those guides were still in spec (mine - early K2 - went over 125k miles before even beginning to show oil loss). Those Stellite guides are the cat's meow! The K1 has them on the intake side, too, so if they are ever pumping oil, look at the valve stems, full length. They will likely be worn nearest the intake port, letting the valve wiggle fore-and-aft in the head. New valves are also that fix, in most cases - not new guides.