Yes, I can understand how some mechanics can inflate a problem. But I'm just pointing out that the proper diagnosis is everything. Just replacing suspect parts will only lead to frustration. I've been there before.
You can certainly follow a gut feeling, and replace what you think the problem is. Leaking valve guides seems reasonable, considering the symptoms. You might get lucky. In answer to the time it takes to change out the valve seals. It should be about three hours or so. That's assuming he's pulling the head, to change them. Some people have used air pressure to hold the valve in place while changing out those seals. I've also heard of stuffing rope down in through the spark plug hole to accomplish this. It's a less invasive approach, and saves money on parts.