It's not that bad an idea... Chevy did this for the 4 cylinder as late as 1928 (and I assume earlier but I don't know).

I had a 1928 Chevy car for a while and there is no oil pumped to the rocker arms or head at all. Instead the rocker arms rely on an oil soaked felt pad/mat laying on top of them, similar/same as the pad discussed above. Occasionally you'd stop and squirt some more oil on the pad through the holes in the top of the valve cover.
http://vcca.org/forum/ubbthreads.php/topics/54133/28_ROCKER_ARM_MAINTANCE

I don't think it'd hurt lubrication any at all and might help by retaining some oil to drip and seep while not running. It can't be all bad, it was the only lubrication for the 1928 rocker arms

As for quieting the valves I think it might muffle them some, but proper adjustment is the best solution and otherwise just live with it.

Grigg


•1951 GMC 250 in the Project Journals
•1948 Chevrolet 6400 - Detroit Diesel 4-53T - Roadranger 10 speed overdrive - 4 wheel disc brakes
•1952 Chevrolet 3800 pickup
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"First, get a clear notion of what you desire to accomplish, and then in all probability you will succeed in doing it..." -Henry Maudslay-