What observant folks you are - and perceptive
I mentioned earlier that a number of my Vic team-mates came to offer a hand / sympathise or see if they could otherwise help.
Before the valve cover came off Ben (Modena) had his multi-meter out and determined that the fuel pump was not getting 12v.
After the raised rocker was found the working theory was that a lean condition may have let to the valve failing, turns out this wasn't the case though.
And Yes the head of the valve had lost its head...
and at some point had decided to say hi to Mr. Piston
After some light petting Mr Piston appears to have forcefully rejected the advances (thankfully) and the valve has lodged in the head - definitely not moving.
To be honest I was quite relieved with what I had found.