I've not done this job on a Merc, so this is based on experience of other engines
next you need to remove the cam and any carrier it is fitted into
that will give you acess to the valve lifters - remove them and keep them clean and in order - bag and label them
Once they are removed you will have access to the valve springs, to remove them you need to compress the spring, remove the split collet and you should be able to then lift the spring clear.
The base of the valve stem will have a ring around it - that's the little sod you are after
remove it, replace and put the spring back on the valve, compress, refit the collets making sure they are full locked in place then move onto the next one.
Once all the valves are done replace the lifters, the cam and the cam cover and you should have a smoke free engine.
Things to watch out for
1, follow the correct tightening/loosening sequence for the cam carrier bolts
2, work on each valve with the piston for that cylinder at the top of it's stroke - that should stop the valve from dropping into the cylinder
3, do one cylinder at a time and put the valve lifters back in the same place they came from.
HTH
Andy