Saturday I did 100 miles running round the Peak district, I met a lot of people who have had a zed at some time in the past. When I got home, I noticed, to my horror, a load of oil in the ends of #1 and #2 pipes. Also, the oil level had dropped from Max to Min in only 100 miles, a bit steep. When I started from cold, I noticed a puff of blue smoke, but absolutely none during riding. I hoped it was due to overfilling - I had topped up to the top mark in the sight glass, however I would expect some oil in the airbox, and there was none.
Sunday I didn't top her up, I cleaned out the pipe ends with paper and brake cleaner, and went for a test ride. This was the result:

The upside is that those two pipes will never rust from the inside. I should watch for drivers behind me putting on their wash / wipe. Its also on the rim, chainguard and the back and front of the number plate.
I'm guessing that, as the engine was rebuilt an unknown time ago, that the valve oil seals have perished and failed. When I stop on a ride I use the sidestand, which probably pools oil on that side too. If it were bores or rings, I'd expect smoke and oiled plugs if it were using that much oil. the fact it's not oiling plugs makes me think specifically exhaust valve seals, the oil is going straight into the pipes without being burned.
I've seen the Suzuki Viton seals recommended on here, I'll order a set, also I need a Vesrah top end gasket set, can anyone point me at ones which have the split head gasket (typical Ebay blaggers are advertising sets with single head gaskets as fitting all 900s), if not I can get a full set from Z Power. Never had the head of one of these before, I have a shop manual, but there may be questions. I'll check the valve clearances before I take the head off, to see how accurate they were and give me a heads up if I need extra shims.