I almost hate to get involved in this because Terry took offense to my comments in a previous post, but this is the very reason why I feel I would want to do the machine work from 'A-Z', -and not rely on Terry's machining. However, against my better judgment I will begin with some thoughts on the above.
I buy my valves from the same supplier that many vendors get theirs from. These are production grade, offshore-manufactured valves that have tolerances that I have found to be all over the place. In other words, my experiences are the concentricity of the valve's face can have runouts of up to 0.005"+ difference between each of the valves in the set. The face angle also can be off by a few tenths also. (-this is not uncommon with replacement valves for modern engines too!) Therefore, a good engine rebuilder with good equipment will always reface new valves he is using to ensure concentricity using the stem as the baseline. My valve grinding machine will hold a tolerance of about 0.0007", -and although my machine is good, it is not as good as some of the machines out there that can produce numbers below 0.0005". So my point is, you honestly do not know whether your brand new valves will be concentric with the stem, -and/or concentric with the seat.
Next, we get into dead pilots vs. live pilots ...and machining with 'no pilots'. I have no doubt that Terry's machining center can produce a valve seat that is indeed concentric with the valve guide bore, -however, knowledgeable engine machinists will tell you that at minimum you must have the valve guide installed which will be used for that valve before the seat concentricity can be established. Folks, it really does not matter who's guide is being installed because, the one-piece guides are installed with an interference fitment, and most two-piece guides are way off. Therefore, because the way these guides are installed, the hole in the guide will generally never be concentric with the seat in the block. Additionally, when these one-piece guide are installed into the bore of the block, it generally always distorts the bore of the guide. A good machinist will check this and then hone the bores to around 0.0015" clearance from the stem measurement. If this operation is not done, the likelihood of the valve's face being concentric to the seat is not very good. And, ...just so we are clear, the industry standard for the maximum amount of runout allowance (-lack of concentricity) of a valve to its' seat is less than 0.002". This maximum number is about the same thickness as what a human hair is!! Good engine machinists target (-and achieve) concentricity numbers of less than 0.001".
So you may ask, what does concentricity matter, ...and that is a fair question. Before valve seating tolerances became something that had close attention paid to, the valves would land all over the place in a seat. As such, higher valve spring pressures were used to slam the taper of the valve face down into the seat in order to get a seal. These higher spring pressures are not needed as long as the valve does not 'float' without control, which on a L-head engine with a vertical valve, gravity is on your side with regard to closure. Also, the sloppy valve fits allowed the valves to have poor seal which then caused a term that many called a "burnt valve". For the past few decades, engines that rarely see a 'burned valve' and the serviceability of engines valves going 150k miles is considered normal. This is solely due to concentric valves to their respective seats. One final thought on this, the bounce test can be fooling as a rough seat or valve face will bounce yet will not seat. Again, this is where a knowledgeable engine machinist that has the proper method of checking concentricity with a gauge, and uses a vacuum pump and port flange to get a good leakdown reading is invaluable for having a long-lasting seal.