Ah, no. The seals are leaking a small amount of oil down the valve guides that would have normally been held back. When the engine isn't running the oil drains down into the sump, some oil is held around the cam and valves so the are not "dry" when the engine is started. It is a small amount of this oil that seeps past the stem seals and causes the smoke.
Hpoe this helps,
Steve.