Mike, I must say I have never known a tip wear out, not on any of my motors but on some old British bikes they did.
When this happened they would have them stelite welded and reground.
I have heard the term lash caps but did'nt know what they where.
I take it it would be a small cup machined to go over the valve tip then hardened.
I would think it would have to be a tight fit to stop oil getting inside and creating a false valve reading.
Would it be cost efective, would have thought the presission engineering of such a small item against the cost of a new valve

If like you said machine a little off the stem, make the cap and two lots of shipping

?
You would have to cost it out very carefully,then do your own development work before you put them on sale,the last thing you want is for one to come adrift and wreck a customers motor, could be a costly exersize.
But knowing your workmanship, you would probably make them work.
Good luck with the idea.
Regards Sam.