If the valves and seats are pitted or worn looking,the best fix is to have them refaced using the sets that Neway makes for these small engines.You can put a perfect 3 angle cut in the seat,and a perfect face on the valve.They use 3 precise cutting blades set at the different angles so they are more accurate than stones.If they need to be done,and if there is a good shop nearby that has both of those sets,it wouldn't cost much to do I'd think,if you just brought in the valves and block,since it doesn't take much time.These sets are expensive,but they are the best.
For a nice lapper tool,a dealer could order you a nice lapper that B&S sells,made by "Woods",that comes with 3 sizes of suction cups,and has a neat sucking-in feature to really holds the valve on the cup.Be sure to check the guides for slop,as they can be rebushed in needed,too.Remember to check the valve lash after doing it,too.
Hope these tips help.
Steve