You've got most of it. Before you even start to machine the valve, drill and ream a hole to exact valve stem size in a piece of material about 1/2" long. This will be your diameter gauge. Then start with 3/8" rod at least twice as long as your valve , turn it to 5/16" . This gets around the fact that 3 jaw chucks never run absolutely true. You can't turn the entire length down in one shot, because it becomes too flexible as the diameter decreases. So, if the length below the head is 1.2" long, you break that up into 3 equal segments each 0.4" long. Turn down the first segment to about +.003" over finished diameter. Be careful not to go undersize, as then you will have to start over again. Then repeat with the second 0.4" length. Then repeat with the last .4" length. At that point, set your compound slide over to 46 degrees. (That is because you want to end up with an included angle of 92 degrees on the valve). Then take successive cuts from the stem diameter outwards until you have a finished valve. There is no radius nor transition. The valve now goes directly from .003" over finished diameter to the angled face. Now you start with the 220 grit sanding strips, holding one end of the strip in each hand with the strip looped around the valve stem. Do NOT knock your fingers on the chuck jaws. It hurts. Be prepared to let go immediately if the sanding strip wants to pull out of your grip. Work the sanding strip back and forth over the full length of the stem--the lathe is running while you are doing this. Stop approximately every 20 "strokes" from one end of the stem to the other. Now is the time to use that diameter gauge that you made in the very first step. Shut down the lathe and see if the gauge will slide over the valve stem. If it does, then great. You want a nice sliding fit over the full length. You don't want it sloppy, but you don't want tight spots in it either. It never ever fits over the stem the very first time. You keep repeating the last two steps over and over, until it does fit. This is a long and drawn out pain in the ass procedure, but it makes great valves. Once the gauge does fit properly over the full length of the valve stem, you are ready for the next step. Don't part the valve off from it's parent yet. The parent part gives you something to twirl back and forth between thumb and finger. Never use power tool to do this. only finger power. Coat face of valve with 400 or 350 grit grinding paste, push the valve all the way into it's seat, and twirl it back and forth (lift it up about every 15 twirls (Twirl is a semi rotating back and forth movement.) Don't always twirl in same place--every time you lift it off the seat (in the formentioned 15 twirls) rotate it about 30 degrees, because you are trying to "work" the entire face. Don't get any compound down into the guide area on the stem--you don't want to lap away the good fit down on the stem. After you have done this until your finger and thumb go numb, clean away all traces of compound, apply 600 grit, and do it all over again. I am assuming that you have already prepared the valve seat with something similar to the wonderful George Britnel tool, which leaves a true 45 degree seat, perfectly concentric with the guide portion of the valve cage. Note that the seat now has an included angle of 90 degrees, while the valve face has an included angle of 92 degrees. That is because you want a "line contact" between the valve face and the seat to begin with before you begin lapping.--and you want that line contact at the extreme outer side of the seat, not down in the bottom of the cone. After you have gone thru all of the above, and are somewhat confident that your valve will seat air-tight with the seat in the valve cage, you can part off the valve from it's parent part. Leave at least .025" of material above the taper because if you part off at the taper and leave a knife edge on the head of the valve, it will burn up from the heat of combustion. Match mark which valve goes with which seat at this point, because if you mix them up bad things will happen. There are other more exotic things that you can do with the valve machining that will improve flow in infinitely, unmeasurable amounts but I don't do them because there is too much chance of screwing up the valve and having to start over. One more very important thing--when you first put the material in the lathe chuck, make sure you have sufficient length to make the valve sticking out beyond the chuck jaws. You do not want to have to loosen the chuck off and pull more material out. All turning should be done in one set-up.