So, massive bump to an old thread, but for those reading this, I did the non-head removal valve seal replacement, and what a job, but WAY easier than removing the head. I will try to detail the ups (and downs) of this process.
1. Remove timing belt, there are plenty of write ups here about that process, and this car is probably the easiest timing belt I have ever worked on...
2. Remove cam shafts. The pulleys have to come off first, as you cannot access the bearing caps with them on. There is two notches in the back of the pulleys (for some reason) but only a single dowel, so I marked the proper notch with a grease pen, red for exhaust, blue for intake, so I would put them back the right way without having to think too much. Keep all your bearing caps organized so they go back on the same way they came off, unless you are having the cams polished.
3. Take some paper towel, or rag bits, or whatever your favorite thing to shove in holes (tampons would probably work awesome) and fill all the oil drain holes in the head. Now, there is some cowboy out there right now thinking "I won't drop anything down there". And that is how I ended up with a valve collet (keeper) in my oil pan.
4. Using a good magnet, or a soft touch with a screwdriver or pliers, remove all your bucket-shim assemblies, and organize them from 1-16 on a piece of cardboard. Keep them in order as they wear with the cams, unless you are planning on re-shim (which technically you should but if you didn't hear any valve tick before, why bother?).
5. Remove spark plugs (if not already) and huck something long and non-scratchy down the cylinder 1 hole, or your favorite cylinder, and turn the crankshaft until it bottoms out. The long thing will hopefully be visible when you are stuck down by the passenger side wheel well.
6. Take about 30 feet or more of 1/4 inch nylon rope, and start packing that cylinder. I had a screwdriver that was made to pull nails with a claw on it, which worked awesome for pushing down the rope. A flathead would also work I suppose.
7. Once you are convinced the cylinder is FULL of rope (pushing rope, heh heh heh) then go back to your crankshaft and turn it like a mo-fo until that rope is SQUISHED, and find a way to lock it in place (long breaker bar against the undercarriage). You don't want those valves moving at all! Any movement just makes installing the collets way harder (keepers).
8. First take something solid and push down on the top of the valves, and make sure they don't move. You REALLY don't want them moving. Take a 13/16 deep socket, and MAKE SURE you cover the hole (I used an extension) and smack the hell of the top of the valve spring you want to remove the collets from. Hold the socket on top and wiggle it a bit, you should hear the collets rattle around. I learned about the hole in the socket when one of my keepers hit me in the face, and then got lost in the engine bay.
9. Take your magnet, and remove the collets, hat, and spring from the valve. That was the easy part.
10. Now you get to wrestle off the valve seal. You can buy a specialized pair of pliers for the job, but they are welded in place due to long miles, high temps, and rubber sealing to the metal. I found the best way was to tap them DOWN a bit first to break the seal with an 11 mm deep socket. Then rotate them a bit, and squish the sides to disengage the seals, and then I have a good dental pick type tool to pull it up. They are a pain, and you will wreck your knuckles. Good luck.
11. Lube up your new seals like prom night, and gently slide em on. Take special care to slide them over the groove for the collets and work them slowly past. Oh, and don't be a dumb-arse like me and drop one down an oil hole. They fit perfectly down them. You can fish them out, but who wants to do all that swearing?!? You will feel two lips as you press them into place. You can use the same 11mm socket to rest on the metal shoulders without riding on the rubber seal. No, 10mm is too small, I don't care if you already have your 10mm out. Too damn bad.
12. Now the really fun part. Throw the spring, hat, and collets back in. To put the collets in, I rigged up a 2x4 attached to my strut bar with some plumbing strapping, and then attached a hockey puck to the bottom side for grip. Then I fashioned my own valve press using a deep 13/16 socket (old spark plug socket) and cut the side out of it using my reciprocating saw. You REALLY need two people for this part. I did 2 of 16 valves with just myself, and WHEW, was I glad when my neighbor popped over. So you need to compress the valve and then pop the collets into the top of the valve, and then slowly relieve the pressure on the valve. The difference between most heads and this one is twofold: 1- the valves are way down in the head, so you have to have tiny fingers and double jointed ones at that. 2- the hats and springs are too damn tall (they should have made the valves taller and the buckets shorter) so you can't "stage" the collets on top of the valve like you can in other engines I have rebuilt. Normally, you can just put the collets beside the valve stem in the hat, push down slow, go back up slow, and they are magically in place! This one you have to manipulate them into place, and it is a major hassle. But with the leverage and a big ass window cut into a socket, you can do 16 valves in about 2 hours. I cut the window in my socket all the way to the bottom because I am lazy, but I should have left a complete ring of the socket at the bottom so that it would press the hat down flat, but because I just cut the side off the socket, it made the hat tilt and then I could only get one collet in at a time. This also works, you just have to put them in one at a time, and once one collet is in, it does hold the valve in place for the second one.
12a. You can buy a special tool for doing valve springs from the top, but I am way too Scottish for that.
13. Repeat for the other 4 cylinders.
14. Lube the crap out of everything!!! Just like assembly of a new engine. Remember that your top end won't have oil in it for a few seconds of start up as your cams will be drained.
15. Put all your buckets back on, cams, timing belt, etc... you know the rest.
Notes: I actually did lose a collet down an oil passage, and it was the one it the middle that goes all the way down to the pan (I know, I checked). I actually also lost a new valve seal down an oil passage, and they do fit. Don't do that one. It took a long time to fish out. I finally had the cams on before I noticed a stray, NEW valve seal on my bench. I got lucky and the first valve I disassembled was the one I had missed. Don't be in a hurry, and do it right.
Review: After 2 days the smoke cleared (I guess I put on a bit too much assembly lube) but now NO more smoke! My P5 has 270,000 kms and was smoking every start for the last 8 months since I bought it. I am very happy to have no more smoke. I was using a litre of oil a week!