This procedure was done on my wife's 82 Vette. It has a positive valve seal and the common O-ring seal. Most older small blocks used only the O-ring seal. If you only have the O-ring, just ignore the photos with the positive seal. All other steps still pertain. Note: when using only the O-ring seal the oil deflector must be used.

Some things to remember before starting:

-When air is put in the cylinder the engine will
turn so keep fingers and items away from fan.

-Once the spring is removed, do not push down on valve stem, it will relieve the air pressure and the valve will drop into the cylinder.

-Count the valve seals and O-rings before starting.
Many years ago I did a set of heads and had one O-ring left over. I disassembled the heads to find out there were 17 in the package!
This is the tool to put air into the cylinders
Do only one cylinder at a time. Remove the rocker arms and be sure to keep them in the same order they came off so they go back on the same valve. The exhaust and intake are identified by the port they are nearest to. Remove the spark plug, screw in the air adapter and connect the air source. Do not disconnect or interrupt the air source until both springs are back on the valves.
Give the side of the retainer a hit with a soft hammer. This will help to unseat the keeper to retainer bond.
Spring compressor installed and ready to go.
Compress the spring just enough to expose the keepers.
Put a magnet near the keepers and use a small awl or pick to separate them from the valve stem. Sometimes the valve spring will not come up. This is usually because the O-ring has hardened in the groove. Use a pick and break the O-ring up until the spring will come off.
The valve spring compressed.
This is an intake that I am doing. Note the two grooves on the valve stem. Now is a good time to inspect the rocker arm studs for any damage.
Work organized and neat. It makes things go smoothly. I already did one cylinder so I have three to go on this side.
Put the plastic protector sleeve over the stem so the grooves don't nick the new seal. Put some oil on the top of the stem to lube the seal.
I apply sideways pressure to the valve stem as I gently push the seal onto the stem. I do this so I don't unseat the valve.
Make sure the seal is down on the machined boss of the valve guide completely.
Before installing the keepers, clean and inspect them. Look for sharp edges, not rounded ones on the raised lip that sits in the groove of the stem. The one on the left is new.
Put the spring over the valve, lube the O-ring and slip it onto the stem. It is now in the first groove.
Continue to move it down until it sits in the second groove. Do Not push any further.
Install the keepers.
Pull up on the compressor/spring and remove the tension from the compressor.
Give the retainer a couple of light taps with the dead blow hammer to seat the keepers. Now go to the next valve. Make sure to clean any pieces of O-ring that fell onto the head before putting the covers on.
Adjusting the valves:
Be sure to ground the negative side of the coil to prevent any spark from occuring.
Everyone has their own method for doing this; some with the engine running, others with the engine off. I have used the engine off method for more years then I like to tell and it has never failed me. I even do this to an engine after a rebuild while it is still on the engine stand. This is only for hydraulic lifters and low lift/duration cams.
Pick a cylinder and using a starter button rotate engine while watching the intake valve. After it closes tap the engine a little more. Back off on a rocker arm until the rocker arm is loose. While spinning the push rod slowly between your fingers tighten down until resistance to the spinning is felt.
Now continue to tighten 1/2 to 3/4 of a turn.
Practice this a few times and then continue to the next rocker arm.
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