in most contexts, an inch isn't a lot, but in this case it is a whole lot. You should have about .006" for the intake and about .015" for the exhaust. (I am not sure these are the real correct numbers, but an inch is WAY too much) How do you know the pushrod is in the lifter? Have you actually laid eyes on it? (doesn't sound like it.) So do you have stuck valves? Why did you pull the head? If all you truly did was pull the head, you have a problem. However if you messed with the rocker arm adjusting screws/nuts, all you need to do is adjust them. But yes you have a problem. Don't even try to run it that way.
