I would think that tight valve clearances would cause the valves to burn long before any other cause. The valves are actually cooled by the contact with the valve seats, and tight clearances reduce the amount of cooling available. As far as the exhaust, or lack there of, look at an average radial aircraft engine. At altitude, it is often 40 degrees below 0. The radials usually have short, unmuffled exhaust stacks, and burning valves is fairly uncommon, even over a very wide temperature range. LBCs, before the catylist era did not have hardened valve seats, and relied on the lead in gasolene to protect and lubricate the valve seats. In the absence of lead, under mostly higher RPM conditions, the valve seats slowly erode, causing the clearences to close up, finally leading to burned exhaust valves.