I dont know about newer engines like the LS ones,but old small and big blocks used an o-ring on the valve stem factory--it will "seal" some against the guide when the valve gets pushed open,but mostly it just directs oil flow away from the stem so it wont flood it and get sucked in and burned..
There were other types of valve stem seals invented and used on many V-8's--there was a brand named "Toke" that made little green umbrella shaped seals that were like some GM used on other engines like Olds and Pontiac,that many auto machine shops would install in place of the original O ring ones,they fit around the valve guide and made a much better seal--some liked to use both these and the original O rings,but that sometimes led to the guides not getting enough oil and valves sticking,or the guides getting hogged out in short order..
For awhile Dorman had a kit out you could buy,that supposedly stopped the smoking from bad valve stem seals--all you had to do was remove the valve cover,the rocker arms,clean off the valve spring retainer with solvent and a wire brush,and "glue" their new seals right to the spring retainer--no dissasembly of the valve spring retainer,and chances of dropping a valve in the combustion chamber--not sure if it panned out well,or if they still have such a kit today..
I trust using nylon or poly rope stuffed in the spark plug hole with the piston at bottom dead center ,then turn the engine by hand slowly till you feel the piston crush the rope ,to hold both valves shut,more than using compressed air to hold them shut--I've have that method let the valves drop more than once,its hard to keep the air from trying to push the piston back down..or one "bump" against the valve and it can drop into the combustion chamber--then you get to pull the heads off..

..but that might not be a bad idea,since the head gaskets might be about due,by the time valve stem seals fail,and some valves might need lapping or grinding too..
You can wrap a rubber band around the valve stem to help keep a valve from dropping too far in to be pulled back up...but I like using rope,there is no worries that way of losing one..