Interesting topic - I have a couple of observations, based on full sized engine experience, both air cooled motorcycles.
As an all-metal alternative to rubber seals, a guide made with a sharp bevel at the end may keep enough oil from getting sucked down. It's only the inlet that can make smoke - the exhaust is nett pressurised from the port end, so tends not to suck oil down.
I have a bike with O-rings fitted within the guide, to internal grooves. Not something that could easily done at model scale I think. Anyway, these never work for long. Later models used lipped seals successfully. I think a new O-ring could seal for a while, but as it wears the contact surface increases in area, creating more friction and heat - a vicious cycle that makes them ineffective pretty soon. I've noticed similar shortcomings when O-rings are fitted to rotating shafts, rather than lipped seals.
I think, if using rubber parts for sealing valve guides, the best result would be with lipped seals, if they can be found small enough.
Jordan