A.E.F.R says:
TEL also forms lead salt deposits on the valve seats and mating surface of the valves themselves. This prevents one or both wearing away prematurely by preventing metal to metal contact.
Really? If the lead salt deposit you're talking about is lead oxybromide how does it deposit on those mating surfaces? Lead oxybromide melts at 703.4*F. The engine exhaust is between 750*F and 1,650*F so it is in liquid form. The exhaust gas exits through the open valve at better than 600 km/h The valve head is heated to close to the exhaust gas temperature. Under those conditions I don't think anything would stick to to mating surfaces.
The most convincing argument for me that it is an old wives tale that lead is a lubricant and /or cushion is the result when natural gas or propane gas is used in internal combustion engines instead of leaded fuel. The engines last just as long if not longer and there is not an atom of lead in either gas.