Looks like it lost its adjuster screw at some point and was run that way for a while. If the stem isn't bent, the guide still within tolerance, and the adjuster tip doesn't interface with the worn bits, it can be used.
If you want to remove the valve from the head, do grind/file off the bits that make the stem diameter larger, so it won't score the guide during removal.
If you find anything wrong with the other end of it, then replace it with new.
Cheers,