Mike, a leakdown is run with the valves for the tested cylinder closed (and the piston at TDC ideally), to test for leakage...The typical check is to pressure up a cylinder, listen for a hiss (air leakage) at the
oil filler (indicates ring leakage into the crankcase), tailpipe (exhaust valve leak) or carburetor air horn (intake valve leak). Air flow at the valve guides probably means the valve wasn't closed, but there still shouldn't be any air flow there...could the air have leaked past the rings, into the crankcase and out the drainback holes so it seemed like it was coming from the springs? That would be a heckuva leak around the rings. I STILL don't think it is rings (they smoke on acceleration, or all the time, not just deceleration).