Well I'm very relieved to report that after finishing the rest of the valve seals, I drizzled oil all over the valves and lifters before cranking it with the fuel pump and ignition disabled, and it seemed like they adjusted themselves. It sounded like there was good compression, not like it does when you've got spark plugs out (which is what it sounded like before), so I decided to try actually starting it, and it runs great! I think the lifters just needed some oil in them.

I've still got blue smoke when idlling/pulling away from traffic lights once the engine is hot though. I guess I probably need a valve job. It was worth a shot.

Well anyway, thanks for the replies!

Mike