As I understand it, it is a cushion affect of the lead deposits on the seat and valve faces. The "memory" affect is really just that a layer of lead deposits was built up and would continue doing its thing for a long while. However, I know this "theory" or concept of what the lead was doing for valves and seats is disputed.
Also as I understand it, the tetraethyl lead was not in the fuel for the purpose of allowing seats to survive, that was merely a resulting side affect. The lead was used as a very effective and stable additive to increase the octane rating of the base gasoline fuel.
I used to purchase TEL in gallon containers mixed with kerosene for mixing into premium fuel for my '55 Pontiac as the engine needed higher octane than premium fuel. Stone Oil Company out of Georgia was the distributor of the product I used, Lead Supreme 130. It worked great as an octane booster. I have no idea if it helped the valve seats or not.
Ken