Well I think I finally got this oil consumption problem figured out, and it wasn't anything major
It wasn't the valve seals or the rings, although the valve seals were changed along the way.
The roller rockers are spitting a large amount of oil around, way more than the standard rockers. This excess oil was getting pulled into the PCV system and causing the puff of smoke when the throttle was closed. First, I just removed the PCV valve and plugged the intake port and throttle body port and installed breathers in both valve covers. The problem with that was after only a few miles of driving the breathers were completely saturated with oil and dripping all over the place. I guess this is a common problem with roller rockers when the oil flow to them is not restricted according to people I have talked to around here. To fix it, I welded some old header tube to each valve cover hole, about 2 inches high, to get the breather up away from all the oil flying around. I also put some breather element material in each tube as extra insurance. It's only been 150 miles so far since doing this, but the breathers have stayed dry and no noticable oil consumption (would have been ~ 1/4 quart before). Since the PCV has been disconnected, no puffs of smoke out the tail pipe either. I think it may be possible to reconnect the PCV system to the elevated pipes and not have a problem, I might try that in the future.
This car is finally driveable!