I have only seen valves punch through lifters when a gas tank that was treated with a sealant developed long before alcohol was put into the gas was installed in a Dearborn 34 phaeton long after alcohol was introduced. Some part of the sealant was dissolved into the gas and it stayed liquid and didn't bother the fuel pump and atomized fine through the carb but when it hit the hot intake valve stems it turned into a substance that LOCKED the stems in the guides like it was welded! Punched through several lifters and the car barely made it home before it wouldn't run.
The car ran and drove FINE before swapping out the tank for cosmetic reasons. I would estimate it ran about 20 miles after. The problem tank had been boiled out, painted and sloshed with sealing compound and sat on the shelf for future use.
All valves were removed and the ones not stuck had deposits building on them that came off with lacquer thinner and a 3M scuff pad. Replaced 3 or 4, valves and lifters, REPLACED THE TANK, flushed the fuel lines, pump and carb and my friend's car is running great today, 15 or so years after this fiasco.
The lesson was that the old sloshing sealant that existed prior to alcohol gas, if sitting in a spare tank needs to be removed and replaced. IF you don't, it gets ugly.