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That is exactly what valve seat recession acts like. The F head I used to have on my PV did the exact same thing. I had to keep setting the valves (about ever 1500 miles or so) to prevent them from tightening up and leaking (which will quickly lead to a burnt valve!). When I took it off and replaced it with me R-sport head (thanks be to eBay!) all 4 exhaust valves were recessed into the head.
Good(ish) news is, however, that an F head has a LOT of metal around the exhaust ports. I've heard that they restricted the port for some sort of emissions reasons. There is little chance of the valve wearing past the seat and popping loose or ding anything catastrophic. So you can keep on loosening those adjusters until you are ready to put a new head on - you don't need to park it and yank the head off ASAP. Just don't let them get tight and burn - then you will have to fix it right away.
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I'm JohnMc, and I approved this message.
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