They can be re-cut, but, it may 'pocket' the valve
Easy fix is to fit 1mm oversize valves, then they won't get pocketed and reduce compression (usually minimal anyway)
Oversize valves may be a bit expensive, but, it's probably still cheaper than getting all the seats replaced (and if the seats are rusted, you need to replace valves anyway as they will be just as rusty and pitted)
BTW, good rule of thumb is to use about 3~4% of valve head diameter for valve seat width, up to 5% for exhaust on street motors (it usually works out around 1~1.5mm

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