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Normaly I would state that since your bike is a '77 IH it has most likley had new valves by now and it is a non-issue. But I see you got it a month or so ago and it only had 18,000 miles on it. So now I am not so sure. Less than a 1,000 miles a year. How about posting a Pic.
I'ed be suprised if it was taken good care of all that time. Most likley you have a top end rebuild in you future so I don't think you should worry about it two much. Just ride the hell out of it and by the time you need the top end done you'll be ready to do it yourself.
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