1935 Guzzi – gorgeous! And not something to be bodged up. Unfortunately you don't have much choice other than to open that can o' worms! Loctite can't be trusted to handle the heat. Knurling is a temporary fix usually because it generates raised ridges so you get partial contact which could eventually hammer loose again , and will not transfer heat as well as full metal to metal contact, which is critical on exhaust valves.
The repair depends on how the hole in the head has suffered from the loose guide hammering up and down. If it is tapered and or egg shaped, it will need remachining back to round and straight before a new guide can be fitted. That is best done by an automotive machine shop that does cylinder head work, as they can then get it in line with the existing valve seat. Or if you are a good and experienced machinist, you could do it on a milling machine in the home workshop.
Then, or if the hole is OK but the last guide came loose, you will need an oversized valve guide to fit the hole. With more modern bikes, guides are usually available with OD oversized by one or two thou or so. No idea waht would be available for your Guzzi. Are there aftermarket specialists for the old single bangers? Talk to them if so. Or you could turn one up yourself if you have a lathe. These days you can buy tiny little full carbide micro boring bars perfect for the job. Then ream to final size after installation.
Plenty of bikes new and old have bronze valve guides and most run with no problems. (Valve guide material was the least of the problems on BSA/Triumph 250 singles of the 60s and 70s. But that's another story.) ISTR my old BMW "Airhead" has bronze guides and those things run forever without problems.
These days the preferred bronze is a grade called AMPCO 45. It is a high grade nickel-aluminium bronze made for the job. Phosphor bronze, silicon bronze and lower aluminium bronze grades have trouble with the alloying elements leaching out at high temp in exhaust guides and are generally no longer recommended.
That said, cast iron guides would work just fine in your old Guzzi too. It tends to be more "self lubricating" than bronze on old engines that didn't have the best oil feed to the top end. I use cast iron in road-going Harley engines as first choice. They seem to last longer than the bronze ones. But higher performance guys go for bronze for higher rpm, less friction etc etc that is not a factor on old bangers.
Sorry to be the bearer of bad news re the can o worms, but such a rare and lovely old bike is well worth spending the money to do the job properly. Bodging it up could lead to more engine damage in the long run and cost a lot more.
Edited By Hopper on 27/05/2022 09:57:22