i used that for a while on my 82 cutlass (before it died, may she rest in piece), and it worked great for me... the car ran quite a bit better and stopped puffing smoke anytime i breathed on the gas pedal.
or you could just replace the valve seals... on the 82, i ended up doing that. isn't too bad either (of course, that was RWD). some compressed air, a compression tester hose, valve spring compressor and a magnet (After you get off the valve cover and spark plug), and a little patience. nothing to it...
connect the compression tester'* hose to the spark plug hole (need to remove the valve dealio in it, but you can pick up the tool to do that for about 1 or 2 dollars), and connect that to some compressed air (normally, you'd want that piston to be all the way at the bottom, but if you've got some balls, and you're careful, you'll pretty much be able to force the piston down with the compressed air). while the air is going into the cylinder, the piston is forced to stay down while the valves are forced to stay up. which works out wonderfully. take a valve spring compressor (15 dollarsish) and compress the valve spring. with it loose, drop it as low as it will go, and with magnet in hand, remove the keepers (or valve locks if you prefer to call them that). pull the spring up, and viola. at least on the 82, you'd be looking at the rubber valve seal. of course, on that particular year, they were only on the intake i believe...
by the time the car died, i had it to the point where i could do half of the motor in 30 mins from hood open to hood closed. (did it one side at a time, and screwed up the first time because i thought they were all supposed to have them, at the insistance of my mechanic friend <- so I had to do it all over again).
easy to do, and welllll worth the low cost of doing it. i had been going through a quart every 300 miles or so (i know, i know), but it went down to about 5 or 600 miles. i also had a major leak from my rope gasket on the timing chain cover, but never got up the desire to put myself through that repair. and then of course, it died... but that'* another story.
so i just made a really long post out of what was going to be a very short post... basically, stem seals are a pretty easy to do job, and well worth the time spent...
96 LeSabre (L36)
95 Olds LSS (L67)