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Rings are the bit that seals the piston to the cylinder walls. The valve guides are seals on the valve stems so no they are not the same thing.
Try a compression test and if that is all good it is valve guides only. It sounds a little like valve guides from the high rpm let off smoke you describe (could be rings as well but the compression test will tell you that). If it is valve guides I wouldn't worry about it unless you fail your road safety inspection (or whatever you call it) because of it. Just keep the oil levels in check and that is about all. Bad guides don't hamper performance you will just get smoke which as long as you don't mind the looks you get from environmentalists you drive past is fine. It is something you do during a rebuild but not something you would really do a rebuild specifically for.
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