OK, I posted a rather long and boring detailed description on this exact subject 3-4 months ago. I will give you the thumbnail here. This subject irritates me more than any of the other "emotional" subjects, like which oil, which spark plug, etc. You don't understand the chemistry and physics of combustion when you say lead is for valve lube.....you are mearly regurgitating shade tree mechanic BS.
TEL or Tetraethyl Lead was NEVER intended or added to "lube" the valves. In fact, additives were added later to REMOVE the lead buildup from the valves (do a search on EDB and EDC). TEL was used SOLEY to increase Octane rating cheaply for high compression engines. One needs to understand petrolium cracking towers, and what that is compared to pure distilation. Long chain hydrocarbons do NOT easily distill and gasoline used to be VERY expensive to refine. Cracking technology changed that. TEL reduced refining costs even more by allowing higher octane ratings with lower grade gasoline. Ah yes, yet another solution driven by the almightly dollar.
If anyone tries to tell you that lead "lubed" valve seats, I respectfully say to them "hogwash". Lead did more harm to the valves and spark plugs than it did good. Reason that valves would burn out was improper timing or fuel ignition. All resulting from low octane rating, NOT the absence of lead.
I will try to find my post from a few months back, as it detailed the chemistry and the physics behind TEL. Sorry guys, octane rating and timing is important in the life of valves and valve seats, NOT the presence or absence of TEL.
Last "hint" on this. For distillate or dual fuel tractors: Kerosene and distillate NEVER, EVER, EVER had lead. So, if lead was necessary to "lube" the valve seats, why was it not added to kerosene or distillate? Kero and distillate ran/combusts hotter than gasoline on many fronts and for many reasons. For those of you old enough to remember, there is a water injection system on old kerosene engines to cool down the combustion.
Still don't believe me? Read this:
http://www.epa.gov/oust/cat/Section_2-Historical_Usage.pdf
PS. my background is in chemical engineering and physical chemistry. If you would like to debate this, I'll be happy to provide a phone number........I have never posted that before, because I am more proud of my farm upbringing than I am of my "credentials".....but this crap really irritates me.