How do these valves look?
 

Thought I would take a look while I have the exhaust off, what do you think of these?

This is cyl #5, I am guessing worn valve guides, thus the leak. The motor has been sitting for about 3 months without starting, so does this look that bad?

http://forums.pelicanparts.com/uploa...1177479135.jpg

This is cyl #3, what is that white stuff on the valve? Is that normal?

http://forums.pelicanparts.com/uploa...1177479235.jpg

Your thoughts and opinions are appreciated...

Thanks

My guess is that you are pumping oil past your oil rings. The deposits on the valves are from burning oil.
The wet cylinder would warrant at least a top end inspection. It also looks like your cam towers are leaking where they seal to the heads.
Time for some work and perhaps time to look for a replacement. Only a top end inspection will tell for sure.