Sandy Mandel answers:

Yeah, pretty much. I've found using top grade synthetic oil and micro fine oil filters (Amsoil, Mobil 1, et) help reduce this problem if used pretty much right from the start of the engine's life. The valve guides do tend to wear away early on and there is some oil based smoke upon first cold start up with these engines, when they age. They're were also built kinda 'loose' to improve gas mileage. The only 'cost effective' way to go, is if the problem is bad enough; GM sells new and remanufactured 'crate' long block (with the 'heads' already installed) engines for different applications and power levels. My mother's '86 Buick Regal (307 Olds motor v8) had one installed and it woks nicely. Price was about $4,500 turn key here in the northeast. With labor as dear as it is these days, this might be the best way to go.

Colin Opseth answers:

Bad valve guides are not bad!! In fact, a little oil on the top of the piston is good, it helps to lube the cylinder walls on start-up. This is what happens. The valve seal gets hard, and allows a few drops of oil to drip down the valve stem onto the head of the piston. Just tell your friends that you are increasing the performance =P Tell em it's the dragon under the hood. The temp gauge not rising could be one of three things: 1) the gauge is dead, which isn't likely considering it operates on such a low voltage 2) the wire that goes from the temp sending unit to the gauge is broken, it could be broken in it's casing, the wire itself doesn't have to be broke. 3) the sending unit itself is bad, probably the most likely problem. Fixes: change the sending unit, it's like 10 bucks. If the problem persists, check the wire with a voltmeter. The unit is located on the drivers side, underneath the 1-3 spark plugs. You can best get at it from underneath the car. As for the voltmeter going up and down when the signal is on. Both of my IROC's do that. I'm assuming that the signal lights use some of the power that goes to the gauge cluster, I can't see why 3 lights would rob that much voltage from your alternator. At the very least, it's a very minor bug, and is not a problem.

Mike Richardson answers:

Valve guides do go bad in a lot of chevy small blocks over time but I think GM did notice that the problem in the camaros is a little out of hand. There was a service bulletin put out back in the late 80's for the installation of viton umbrella seals these seals will pretty much take care of any oil leaking down through the valve guides. parts- dealership labor - time consuming