Will stock intake valves that have the lip machined off the underside of the
valve at the outer edge live on the street in daily use?

Has stock hydraulic roller cam and valve springs.

 

YES, your talking about back cutting the valves, Vortec heads come like that and even most factory replacement valves are now coming like that also....as long as you dont back cut the vlave and make it as thin as the seat face your going to be ok.