You ask some good questions.
First, the valve that fell into the cylinder was vertical and because of that I thought that it might could travel up and down for a few hundred RPM's without destroying itself, the cylinder walls, or the piston. I thought that it was the exhaust valve because it is the second from the front of the engine.
As to your second comment/question as to what caused the valve locks to fall off, I don't know. Perhaps the valve was defective or the locks were not put in properly. The retainer seems fine to me. The valve seems fine to me. The new locks went in easily and help when I tapped them with a socket to be sure that they were seated.
The last commnet that you made is to me the most interesting. I did indeed have something floating around in No.1 cylinder. It appears to have been cast iron becuase the pieces are cast. I thought that it was related to the sucked valve - but maybe the two items (debris and failing valve) are not related.
Yes, I do have an oil bath air cleaner that I will look at again to see if it has any junk in it. I do not think that I left anything in the intake (or wherever) that may have worked its way into the cylinder, but who knows.
Thank you for your time and thoughts. Any other ideas?
Michael