All the red exhaust valve seals were torn. They are umbrella style seals. Upon inspection, it appears that the upper edge of the umbrella seals were all tucked up inside the cap and into the lower groove on the valve stem where the O-ring seal usually lives.
ALL of the intake valves had an O-ring installed in addition to the positive style seals. I've been told that it's BAD to use both. The exhaust valves didn't have O-rings, just umbrellas.
I removed all the failed exhaust umbrella seals and installed O-ring seals in the usual location on the exhaust valves only. I removed the O-rings on the intake valves. That's how I plan to run this engine. The last photo shows an un-machined valve guide on a DIFFERENT 230ci head I have in my garage.