A main reason for exhaust valve seals is due to the venturi effect of the gasses rushing from the cylinder out the exhaust and sucking oil past the valve into the exhaust stream. It can end up putting substantial deposits on the valve stem, disrupting air flow in addition to "burning oil." Of course, the engine is not burning it in the combustion chamber but it is "using" oil and will smoke pretty much like an engine that is burning it in the combustion chamber.