My opinions on stacks is...
The look cool when done right, but are far too loud if they are just straight off the block. I have a picture of a 128 with a stack, where the stack was adapted to the factory muffler. That's what I may do on mine. It's stored indoors, so no need for a rain flap.
But in the racing world, short stacks (aka: straight pipes, or even shorty headers can and do burn valves. It's due to a lack of "back pressure" on the exhaust. Especially on any single cylinder pipe (picture zoomies on a V-8.)
During the cycle of the engine there is a very short time when the exhaust is still open, the intake starts open, and the piston is traveling downward. Odds are, the flame front is still occurring and without the resistance or pressure caused by a muffler, the flame travels out past the valve down the pipe. But what really gets thing burned is the presence of oxygen in such a short pipe. It will make those exhaust gases, much much hotter. Melting and burning away at your precisely machined valve seats.
Eventually, you lose a good seal at the valve, and things go down hill from there, sucking exhaust gases back in where a fuel charge should be, killing the A/F ratio, losing power, then washing the rings cause it's to rich.... Yadda yadda yadda.
So yes, short pipes can kill valves. We run them on pullers because mufflers do create pressure that can limit RPM's. but at 7,000+rpm, valves, seats, and springs are consumables anyways.