HI there,
Yes, the puff of blue smoke on start up is common with all L83/L98 engines. This is due to the Oring seals at the top of the valve stem cracking, allowing oil down the valve stem and past the guides to the exhaust stream. The first hot exhaust cycle burns the oil residue in the exhaust port and thus the blue smoke.
Once your converters are at light off, it burns the residue in the converters. And with the engine running, the minute amount of oil seeping past the valve guides lubricates them to reduce wear. And in truth, you would have to be burning more than a quart in 1000 miles for it to really ruin your cat.
There are many different types of valve stem seals and having installed both umbrella and positive seal valve stem seals, they both work.
I personally prefer the positive valve stem seals, due to the fact that they seal to the valve guide and virtually eliminate the oil loss past the valve guides and oil puffs at first start up.
At 110,000, Im not so sure that you need cylinder heads unless your tech can document actual valve stem to guide wear.
So, I would recommend that you simply get the stem to guide clearance checked and then make your decision from there.
Valve stem seals can be changed in the car and you do not have to remove the cylinder heads.
Allthebest, Paul