Lincoln:I regrooved my valve stems on my lathe. Gripped the valve head in the 3 jaw chuck, put a replacement bronze guide in my tailstock drill chuck, slid it onto the tip of the stem to act as a steadyrest, and cut the new groove in the appropriate place. It is closer to the stem tip than the original for a 429. This used to be a cheap way out, but now new 429 valves are about the same price as the 1.600 stainless now available.
You can probably take .030 off the heads without further issues. More than that and you may need to mill the intake surfaces to get the manifold to fit properly.