Check you sparkplug's color after 50-100 miles to see if they are still chalk white. If so, it's running pretty lean. In the short term you can up the octane in the gas tank (run premium grade fuel) which only helps about 3% or so, but it might restore some color to the plugs and cool down the exhaust valves a bit.
Still: in the 500/550 I have not ever seen a burned exhaust valve. In 1973 my brother and I took off on a tour together: he had the 500 then. About 40 miles from start, the #3 pipe on his bike launched the entire muffler guts out onto the interstate (causing the car behind him to become quite testy!) and while I was about 200 feet ahead of him, I thought someone was shooting off fireworks near us - or something. We stopped: he walked back and (uh-oh...) picked up the silencer parts out on the hiway, immediately throwing them straight up in the air, and when they landed he kicked it off to the side of the road. I was about 100 yards ahead of him watching this comedy: when he caught up with me I asked him what he was doing, and he showed me nasty burns on both hands from the silencer parts!
Yeah, they were hot...
But, we rode almost 4000 more miles like that and then he rode almost 1000 miles more to get back to Missouri. When he got a new set of mufflers (they were all getting similarly rusty) he did a compression check: the #3 cylinder was still like the others, all within 5 PSI of each other - no burned valve occurred in the whole trip, despite the noise. He rode that bike until 1979 when he bought a CB650 SOHC4 instead (which he soon traded for a Gold Wing).