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Hung open-the valve stem or valve guide has a rough spot that is not allowing a valve to close completely. You might be able to see that by inspecting the valve stem heights under the valve cover.
Burned valve-almost always happens to an exhaust valve, due to the temperature. The valve face or seat gets a small piece of carbon between them as it closes, that creates a hot spot for exhaust to concentrate at and essentially "cuts" the valve head like a blow torch.
Both problems involve head removal and repair of the offending parts.
Well, this truck being my only way to work, I guess she will have to leak a while until I get some money set aside, or try to pull the thing apart myself. Haven't torn that deep into a motor since about '76. Am not looking forward to it.
I would start by checking under the valve cover to see if a valve is not closing all the way. Remove the rocker assembly and see if all the valve stems are the same height.