Lapping valves on 225 what compounds to use

I was wanting to know what types of compounds others have used grit wise start to finish. Reason for this job is I bought a 66 with 225, and a slick Meyers hard top. This was going to be sorted out as parts till I had seen it in person. I decided to see if I could get it to fire. Tossed on a extra rochester 2g I had rebuilt for back up, cap, rotor, points and condenser. She fired up to my surprise. Well last night I went to do a compression test to see where she is at. Well once I got over to passenger side #2 I get 0psi. I pulled the intake and I could see the intake valve of 2 had some what looked to be a gum wrapper inside seated around the valve seat. Pulled that head and retrieved a bit of foil and some old wax paper. Looking at the cylinder walls they look well not much of a ridge. So my plans are to pull the other head off and clean up the valves and seats. Then put it back together to see how she runs. This jeep will only be used for snow, trips around the block with my bull dog, and maybe little wheeling.
So question is / has anyone done what I'm planning on doing with any luck? What products did you use?
I understand that to do it right would be to send them in to the shop. My budget for this jeep at this time it's not theasable to have machine work done.

 

All of the lapping compound kits that I have seen come with two grits.........a course and a fine. Keep in mind that lapping valves and seats can only be done correctly if you already have a flat seat to work from. If this old Jeep Find has never been touched that may not be the case.............but by cleaning them up and using a little compound you will surely get and opportunity to see the witness line around the seat created by the compound. Most of those old V6 Buicks also had valve seals on the stem of the valve which will be junk by the time you remove the valve so be ready to replace those also............

 

Thanks for your input. Went ahead and ordered stem seals. I ended up ordering a timing set, oil pump, and water pump as I can feel about what looks like 10degrees of slack in the timing chain.

 

Short video on the 66 wanted to give more insight on project jeep. This is a small youtube video for those that want to see. http://youtu.be/oPZ-ikwbepA

 

I like clover compound, it's industrial stuff available from MSC or grainger.. Comes in several grits..

 

I have decided to do a motor swap as I found a running 66 340 with 50k on it. I'm going to keep my flywheel and related parts for my swap. The dauntless is going to be sold. Any takers in my area for this motor?

 

Post it in the for sale section.. I'm sure someone will bite.. If I had the $$$ I'd be all over it but wife has me on a Jeep parts moratorium..