I've seen a valve do that before. It was caused by a lean condition due to a vacuum leak at the intake manifold. It was in my grandparents' 89 C2500 with 150,000 miles on it. My Dad just cut the old valve out and put a used one in. Bandaid fix for a broken leg. We thought it'd only go 10,000 miles maximum but it kept going until around the 260,000 mile mark when the frame broke.
I've seen cams do that before too. It's really hard to screw up a cam break in no matter what anyone says. It only becomes an issue with wild cams or really stiff springs. It's usually a poor cam that causes it in my experience. I've seen lobes completely worn off. I have a Cadillac 4.1L cam somewhere that the lobes are polished right off. Usually those 4.1L cams broke...
To me, it looks like that motor has done been abused, mon. I'd be looking for other problems with that motor including the bores not being wore evenly.