As said earlier if it’s white & stops when the engine’s warmed up then it’s just condensation burning off.
Valve clearance doesn’t have anything to do with the seals as they seal around the stem & are therefore not in the line twixt the cam & cylinder head. likewise worn piston rings are not dependent on valve clearances, you can do a compression test to check their state.
I’ll add my voice to the ‘it’s normal, just water vapour’ group
If it was oil burning, it wouldn’t be white and dissipate easily
My car chugs out vapour even after a good 20 minute drive - it’s a known thing with them
Yeah I was reading about a guy who had got up to a 100k on his and it was still going strong - which is why I’m planning an overhaul over the summer -I want to take it to pieces (apart from the engine) so I can remove all the rust, repaint it, renew the bearings suspension etc - then hopefully I can get another 50k out of it!