Chaz...the 3/1's and 6/1's and 12/2 CS engines retained their C/O valve to the end of their run. Right Peter?? When the 8/1 came out with it's higher rpm it did away with the changeover valve, probably for the relative ease of making the heads with fewer parts. The Valve has a valuable function however. It changes the compression ratio to the higher (smaller cylinder volume) ratio for easier starting. It also allows the engine to run under heavier loads using the lower ratio to allow for less stress on internal parts. You also have to factor in your elevation. I am at 4000 feet and that will make a difference in where I run the C/O valve (either full IN or full OUT, no partly is allowed, kind of like there's no such thing as being partly pregnant). Those of you nearer to sea level will use the valve accordingly.
They must be cleaned, however every 1000 hours or so, depending on the fuel you use. I am waiting till I get Penelope together before I pull mine out for cleaning due to the "use the compression" method of getting them out.
stan