My 2 cents. I don't see how a smaller valve in an FE would do much unless the entire port was reshaped, among other things.
On the legendary C302A-B-C series of SBF heads, Ford made 3 what of I'll term major versions and a very few more with minor reshaping. One head having the smallest exhaust port volume apparently was tested with a less than the norm 1.60 valve. Yet, this post Trans-Am (re: Boss 302) head still reverted to the standard sized valve as the port was so good it more or less required a larger valve. Interesting too that Pro Stock crowd learned long ago that shrinking the exhaust to allow a bigger intake was the way to go.
In both cases though the heads for these race engines were optimized for port location, height and shape to maximize hp. FE heads, "as is" were not and even the famed Hi-Riser and Tunnel Port heads retained pretty much the same port shape, height and volume as many more run-of-the mill heads and all retained the more standard exhaust valve size. I still wonder why the HR and TP heads didn't receive some serious exhaust side port work from the Ford engineering folks.
So many variables not even related to valve size exist makes me think it would take some long and serious experimentation to the basic FE exhaust port in order to bring about some serious hp gains. Ford learned this with the prototype 427 SOHC that had the D-shaped port exit turned 180 degrees from the much more powerful final version. And yes, the interior of that prototype port has a bad dog-leg bend that was also taken out of the final product so it was an all-hands effort to maximize flow.
It would be fascinating to see a FE head with say a BBC style exhaust port or better, a raised and re-shaped port also eliminating the R-L-L-R orientation of the ports as viewed from the top of a head. Ford essentially did this with the A-460 and B-460 race heads (essentially a BBC port) while Blue Thunder did the same but took it a step even further. Maybe someday........