I like it your plan! Please let us know how the "wet" compression test looks. IF you decide to just run it this season and do an off-season valve job on that engine, please monitor it very carefully. Include a mid-season compression check on at least those four cylinders. A lot of "if's" here, but ...if... there's a valve burning badly, part of it can come off and drop into the cylinder. We don't want that. If compression falls WAY off, please stop running it.