Lapping the valves takes very little time and is useful as a test to see how well the valve and seat fit together. If nothing else, this information will be useful to whoever is regrinding the seats, if you end up doing that.
There will always be a little looseness in the valve stems because they need a little clearance to keep from sticking. Careful measuring with precision tools is necessary to determine if they are worn beyond limits.
If the valve seating looks good with a little lapping, I doubt that your compression loss is from the valves.
Oil leaking past the intake stems can be made worse by old, hard, or damaged rubber seals. Were there any rubber seals on the intake valve stems or guides? New intake valve seals may help the problem.
If this is the engine that you are considering boring and resleeving, it would be wise to do a proper valve job if you go back to sleeves. If you decide to run the tractor with just a ring job, only do what valve work is necessary to fix leaking compression and new seals on the intake valves. That way if you have to go back into the engine soon, you can then do the whole job right at one time.
The valve springs are probably good, but since you have them apart, and springs are so cheap, why not just replace them?
Report back on how the valves and seats tested out.
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