newuser,
I agree with what Fran said. To be honest, I have never tried to run an engine with really loose valves so I have not experienced what the symptoms would be. I will say that valves which are misadjusted loose are not as serious a problem as valves that are too tight. A tight valve setting means that the valve cannot seat properly. Exhaust valves need to transfer heat while they are closed or they keep getting hotter and hotter. Combustion escaping past a valve that is off its seat can burn away part of the valve and the situation gets worse rapidly. As you said, loose valves will be noisier than those which are set correctly, and this could maybe lead to faster wear. It's best to set them to what the manufacturer spec'd, but there is an old saying, "A rappy tappet is a happy tappet".