Blow by would have to travel down the cylinder, up through the cam tunnel, into the lifter valley, and finely into the heads. How do the valve stem seals look on that side? What about the valve guides, are they loose? My guess is that you have some combustion residuals getting past the guides and seals into the valve cover. Mmmmmmm... o-ringed valve covers :-P~
Do you have a leak down tester? If not, can you rig up something to blow air into the cylinders while each is at TDC on the compression stroke?
Listen for the leaking air; if you hear it coming from the exhaust, it is bad exhaust valve seat sealing. If you hear it coming from the induction (carb, intake, etc.), it is bad intake valve seat sealing.
You will always hear some air coming from the oil pan, valve covers, dip stick, or anything else connected to the crank case but if the two known bad cylinders hiss louder, it is from bad ring seal. You will always have a little blow by and it is bad if you don't have any, but > 20% leakage indicates that the rings (and probably cylinder bores) lifespan has ended.
Good luck,
Joe