Total agreement here Hotrod!
If ya wanted to replace the valve seals, you could with some rope in the cylinders, bring them up to TDC of the compression stroke, to hold the valves, and pull the springs, etc.. Might not be worth the hassle, I've seen people use an air compressor on the spark plug hole too, but I'd trust something solid like the rope than having the pressure drop somehow, and whoops the valves fell in.
Buddy of mine used ot beat the snot out of an old truck he got that sat for years. One time we were mudding, and he ended up sucking water in the engine. We got it out of the water, pulled the plugs, cranked it over a few times to pump the water out, and slapped it back together, and it ran fine.
These engines can take a TON of abuse before they go down. From what I can tell though, when people rebuild them, either they aren't putting them together right, or the new materials aren't as good, or SOMETHING, because just about every person I know of who took a perfectly good motor that was running fine, and decided to rebuild it had all sorts of gremlins to chase, spun main bearings, collapsed lifters, you name it. ALL sorts of stuff! This is why I always say if it ain't broke, don't try to fix it!