clean the valves, oil the stem and put it in a guide sitting up about 1/2". Wiggle the head. If it is tight then they are Ok, if it is sloppy then they are worn. If it rattles around they are really worn. When a guide is replaced on any motor the hole will be slightly different than before so pay close attention when lapping to be sure that the whole seat is contacting and not just one side. There will be a bit of play but it should not be loose side to side. Example, new would be a rock of maybe .003: to .004" but if the valve head say rocked .005" or .006" side to side I would consider that worn but workable. If it rocks .020" to .040" side to side it is really worn.
Pistons are usually wider on the bottom or the sside just above the wrist pins. If the skirts taper in they are collapsed and will rattle a little. If the skirt has a tang on it so part of the skirt is cut away, and they are collapsed you can use a rawhide mallet to gently tap them back out a bit to the same as just above the wrist pin. Check the ring lands to be sure they aren't worn out.
All my training comes from being an automotive machinist but small engines should be similar.